Einride has raised $500 million through a combination of equity and debt financing, giving it more funding to accelerate deployment of its autonomous and electric vehicles.
By Brian Straight
FreightTech startup Einride announced Wednesday it had raised $500 million in financing through a combination of a Series C equity raise and a debt facility.
The Sweden-based company raised $200 million in the Series C with the Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek, among others participating in the round. In addition, Einride said it secured a $300 million debt facility led by Barclays Europe.
“The time is now to act on not only developing but accelerating the implementation of technology that will create a cleaner, safer and more efficient way to move goods,” said Robert Falck, founder and CEO at Einride. “We’ve created the Einride ecosystem to provide the most resilient and future-proof approach to electrifying freight today. With the support from our investors and shared belief in this mission, we’ll continue to drive disruptive change to global freight at scale.”
The debt facility includes an initial rollout of $150 million in January, the company said, and will be used to support the growing Einride fleet in the U.S. and Europe and for future planned expansions. Einride is currently operational in the U.S., Germany, Belgium, Netherlands, Luxembourg and Norway.
“This landmark debt facility represents a key milestone in the financing of heavy-duty electric vehicles,” said Gordon Beck, director of securitized products solutions at Barclays. “The innovative asset-backed structure complements Einride’s unique ecosystem offering and is a continued demonstration of how Barclays is using our financial and capital markets expertise to support clients in driving the transition to net-zero.”
Continue reading… “Einride announces $500M for autonomous, electric vehicle development”