Einride, a freight mobility technology business, said today that it has raised $500 million in financing, comprising a Series C equity investment and a debt facility. The debt financing, which is the largest asset-backed credit for heavy-duty electric cars to date, will provide transformative funding for Einride’s global fleet of electric vehicles. The Series C capital will be used to fund new developments and deployments across Einride’s autonomous and digital products, as well as to expand Einride’s offerings to new markets and clients.
The $300 million in debt financing signed with Barclays Europe, which includes a $150 million initial facility roll out beginning in January 2023, secures long-term finance for Einride’s present and future electric, heavy-duty vehicle fleets.
Einride’s clients use the capacity of these trucks as part of the entire Einride freight ecosystem offering. The multi-jurisdictional, multi-currency facility supports Einride’s global fleet spanning the United States and Europe, as well as additional anticipated future expansions.
Furthermore, Einride has received an initial $200 million equity infusion led by a group of new investors, as well as significant sustained support from existing shareholders. AMF, a large Swedish pension fund, EQT Ventures, Northzone, Polar Structure, Norrsken VC, and Temasek are among the investors. A $90 million convertible note issued earlier this year is included in the equity commitment.
Einride enables a resilient, cost-effective future for freight by constructing freight mobility grids driven by a first-of-its-kind ecosystem that includes the intelligent platform Einride Saga, electric and autonomous trucking fleets, charging infrastructure, and communication networks. In the last year, the company has announced expansions into various European nations, including Germany, Belgium, the Netherlands, Luxembourg, and Norway, as well as the deployment of operations for a number of new clients, including Electrolux, GE Appliances, a Haier company, and Bridgestone. It became the world’s first corporation to run heavy-duty autonomous cars on public highways in 2019.
On the equity capital raise, Goldman Sachs Bank Europe SE served as the sole placement agent.