Einride to go public via $1.8 billion SPAC deal to advance autonomous and electric freight tech
The transaction positions Einride to accelerate deployment of autonomous technology in the $4.6 trillion global road freight market.
Einride, a Stockholm venture that operates electric and autonomous freight trucks, will merge with New York blank-check company Legato Merger Corp III to list on the New York Stock Exchange at a pre-money valuation of $1.8 billion, the companies said on Nov. 12.
The deal, expected to close in the first half of 2026, will raise approximately $219 million in gross proceeds before potential share redemptions and expenses. Einride is also seeking up to $100 million in additional private investment to fund expansion. Existing shareholders will retain roughly 83 percent of the combined entity.
The transaction positions Einride to accelerate deployment of autonomous technology in the $4.6 trillion global road freight market as logistics companies face mounting pressure to reduce emissions and address persistent driver shortages. The Swedish firm, founded in 2016, operates a fleet of about 200 electric vehicles and has logged over 11 million electric miles across customer operations.
“We’ve proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better,” said Roozbeh Charli, Einride’s chief executive. “This transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers.”
Einride serves more than 25 enterprise clients across seven countries, including PepsiCo, Heineken, Carlsberg, and GE Appliances, through a dual business model combining freight capacity as a service and software licensing. The company reports annual recurring revenue of approximately $45 million and a total contracted base of $65 million, with over $800 million in potential long-term revenue within joint business plans for expanded deployments.
The firm claims to be the first globally to secure permits for cabless heavy-duty autonomous vehicle operations on public roads, receiving approval in Europe in 2019 and the United States in 2022. It has accumulated over 1,700 driverless hours in commercial operations while maintaining zero traffic incidents and a 99.7 percent on-time delivery rate across more than 350,000 shipments.
The announcement follows Einride’s $100 million funding round in October from investors including EQT Ventures and NordicNinja. The company reduced headcount by about 20 percent in 2024 while more than doubling net sales to approximately €41.7 million and narrowing losses to roughly €57.5 million from €90.9 million.
Legato, a special purpose acquisition company focused on technology investments, is backed by Eric Rosenfeld as chief SPAC officer. TD Cowen and BTIG are serving as advisors on the transaction.