Autonomous Truck Firm Einride to Go Public
Company to Combine With SPAC Legato Merger
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Swedish driverless truck startup Einride AB will go public in New York through a merger with a blank-check company at a $1.8 billion valuation.
The Stockholm-based autonomous driving startup will combine with special purpose acquisition company Legato Merger Corp. III, set to raise $319 million in the process, the company said in a statement Nov. 12.
“This is a way to access the public markets in a faster and more efficient route, and we found a great partner to do it with,” CEO Roozbeh Charli said in an interview when asked why the company had decided against a traditional IPO. The demerger is scheduled for sometime in the first half of 2026, he added.
Demand for driverless trucks and autonomous systems has been growing as the $4.6 trillion global road freight market looks to take advantage of emerging technology. Einride has been laying the groundwork for a U.S. listing for some time, with banks pitching an IPO valuation above $5 billion, the Financial Times reported earlier this year. The firm was founded in 2016 by husband and wife Robert and Linnéa Kornehed Falck, and Filip Lilja. Its U.S. headquarters are in Austin, Texas.
The deal is expected to provide Einride with about $219 million in gross proceeds before redemptions, expenses, or additional financing. The company is also seeking as much as $100 million from a share sale.
Einride recentlyannouncedit had raised $100 million at a $1 billion valuation from existing and new investors, including a West Coast–based global asset manager, EQT Ventures, and NordicNinja.
Einride generated $47 million in revenue last year, according to preliminary results. The company is expected to continue growing its current fleet of about 200 electric vehicles, and ramp up its deployments with its customers. Einride works with companies including PepsiCo, Heineken and Mars, according to itswebsite.
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Einride was the first company globally to receive permits for cab-less heavy-duty autonomous vehicle operations on public roads and there has been no traffic incidents in its operations, it said in the statement. The firm initially aimed to produce its own electric trucks, but has since shifted its focus toward software solutions, while sourcing electric trucks from manufacturers like Traton SE-owned Scania CV AB.
The company, which counts Temasek Holdings Pte and Northzone Ventures Sweden AB among its investors, said existing shareholders will own about 83% of the company after the deal closes.
