Einride raises $113M in oversubscribed PIPE ahead of SPAC merger

Swedish autonomous freight exertion institution Einride announced Thursday that it raised $113 cardinal successful an oversubscribed backstage concern successful nationalist equity (PIPE) financing, exceeding its $100 cardinal people and signaling beardown capitalist appetite for autonomous trucking arsenic the institution prepares to spell public.

The superior rise supports Einride’s projected merger with peculiar intent acquisition institution Legato Merger Corp. III, bringing full committed investments to astir $213 cardinal astatine a pre-money equity valuation of $1.35 billion. The transaction is expected to present astir $333 cardinal successful gross proceeds, including the PIPE financing and $220 cardinal from Legato’s cash-in-trust earlier accounting for imaginable redemptions and transaction expenses.

The PIPE financing attracted caller and existing investors, including Stockholm-based EQT Ventures and an unnamed planetary plus absorption institution based connected the U.S. West Coast.

“This PIPE reflects beardown capitalist assurance successful Einride’s ngo to alteration planetary freight done autonomous and electrical technology,” said Roozbeh Charli, main enforcement of Einride. “With this further capital, we judge we are well-positioned to standard our commercialized deployments of electrical and autonomous freight solutions with some existing and caller customers, portion continuing to put successful our automated driving strategy and intelligent freight platform.”

Proceeds volition enactment Einride’s exertion roadmap and planetary expansion, including autonomous deployments crossed North America, Europe and the Middle East. The institution besides plans to beforehand commercialized applications of its intelligent freight platform, which includes AI-powered readying and optimization, autonomous technologies, 1 of the world’s largest electrical heavy-duty fleets and charging infrastructure.

“Einride continues to show enactment astatine the intersection of autonomy, electrification, and logistics,” said Eric Rosenfeld, main SPAC serviceman of Legato. “We judge this PIPE concern underscores the compelling worth proposition and semipermanent maturation accidental of Einride arsenic the Company prepares to participate the nationalist markets.”

Subject to shareholder and regulatory approvals, the combined institution expects to database its mean shares connected the New York Stock Exchange during the archetypal fractional of 2026 nether the projected ticker awesome “ENRD.”

Einride, founded successful 2016, had antecedently announced its plans to spell nationalist via a merger with peculiar intent acquisition institution Legato Merger Corp. III past November.

The station Einride raises $113M successful oversubscribed PIPE up of SPAC merger appeared archetypal connected FreightWaves.