Einride to Go Public via SPAC at $1.8 Billion Valuation

Einride, the Swedish autonomous electric freight technology company, is poised to enter the public market via a Special Purpose Acquisition Company (SPAC) merger with Legato Merger Corp. III. The deal values Einride at an estimated $1.8 billion, marking a significant step for the burgeoning autonomous trucking sector.

The transaction anticipates generating $219 million in gross proceeds, potentially supplemented by an additional $100 million through a Private Investment in Public Equity (PIPE) from institutional investors. Einride is expected to commence trading on the New York Stock Exchange in the first half of 2026.

In its announcement, the Stockholm-based company revealed a contracted annual recurring revenue (ARR) base of $65 million, with a substantial pipeline of potential long-term ARR exceeding $800 million. This highlights the growing demand for sustainable and efficient freight solutions.

Founded in 2016, Einride boasts a roster of over 25 customers spanning seven countries, underpinned by regulatory permits in both the United States and Europe. Its current fleet of roughly 200 electric vehicles is leveraged by prominent companies such as GE Appliances and Apotea, a Swedish online pharmacy, demonstrating the breadth of its applicability.

“Today marks a defining moment for Einride and for the future of freight technology,” said Roozbeh Charli, CEO of Einride. “We’ve proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better. This transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers.” Charli assumed the CEO role from co-founder Robert Falck in May.

Einride has consistently secured a spot on the CNBC Disruptor 50 list for three consecutive years, holding the No. 24 position in 2025. This recognition underscores the company’s innovative approach and its potential to reshape the freight industry.

The freight trucking market, estimated by Einride to be a $4.6 trillion global industry, grapples with carbon intensity and inefficiencies. Einride’s core proposition lies in its ability to drastically reduce emissions while demonstrating the technological and economic viability of electric freight. The company’s proprietary technology stack integrates electric vehicles, autonomous driving software, and a sophisticated logistics platform designed to optimize routes, manage charging infrastructure, and enhance overall operational efficiency.

PepsiCo has been among the early adopters, piloting Einride’s freight solutions in key markets, including the U.S., Germany, and Memphis, Tennessee. Heineken expanded its green logistics initiatives by incorporating EV freight routes between the Netherlands and Germany in 2024, extending them to Austria. Moreover, Einride has outlined plans to deploy 300 electric trucks across Europe by 2030 in collaboration with Mars, showcasing the long-term vision of electrification in supply chain operations.

Einride offers a dual approach, providing freight services with both driver-operated electric trucks and fully autonomous heavy-duty EVs. The company also licenses its technology, encompassing its operational planning AI software and autonomous driving system, to third parties seeking to integrate advanced freight solutions into their existing infrastructure. This licensing model represents a significant opportunity for Einride to expand its revenue streams and establish itself as a technology leader in the space.

In May of last year, Einride forged a partnership with DP World to deploy the largest autonomous EV fleet in the Middle East at the Jebel Ali port in the UAE, one of the world’s busiest shipping hubs. This strategic alliance signals Einride’s global ambitions and its ability to navigate complex international logistics environments.

While many of Einride’s existing deals focus on EV deployment, its autonomous technology has also achieved key milestones. In 2024, the company marked a year of autonomous operations with GE Appliances in the U.S., and initiated autonomous freight shipments with Apotea, pioneering Europe’s first daily autonomous freight trips. These operational examples underscore the maturity and reliability of Einride’s autonomous system.

The U.S. represents Einride’s second-largest market, and the company plans to increase investment in the country to accelerate the deployment of its autonomous systems. Throughout its operations, Einride reports over 1,700 driverless hours for contracted customers, over 11 million electric miles driven, and over 350,000 executed shipments, demonstrating the practical application and scale of its solutions.

“This transaction with Einride aligns with our vision to bring industry-leading, innovative technology to the public markets,” said Eric Rosenfeld, chief SPAC officer of Legato. “Einride’s proven customer relationships, regulatory achievements, and technology platform position the Company to be a leader in the transformation of the freight industry.”

Einride faces competition from other autonomous trucking companies, including Aurora Innovation and Waabi. The competitive landscape is rapidly evolving, with talent acquisition playing a crucial role. Waabi recently appointed Lior Ron, formerly Uber Freight’s CEO and founder, as its chief operating officer, demonstrating the increasing emphasis on experienced leadership within the autonomous trucking sector.

According to Matthew Kennedy, senior strategist at Renaissance Capital, Legato Merger III amassed $175 million in its February 2024 IPO ($201 million inclusive of an overallotment option). Legato’s prior two SPACs resulted in Algoma Steel, a Canadian steel producer which completed its merger with Legato I in October 2021, and Southland Holdings, an engineering and construction firm which completed its merger with Legato II in Feb 2023. Kennedy points out that both stocks currently trade below their $10 transaction price. “This is not unusual for a de-SPAC, but it does highlight the general risk of holding into the merger that we’ve seen,” he noted, underscoring the inherent volatility associated with SPAC investments.

The SPAC market is experiencing a resurgence this year, with proceeds nearly tripling compared to the same period last year, according to Renaissance Capital data. This surge marks it as the third-largest year for SPACs, trailing only 2020 and 2021. Kennedy attributes this uptrend to an increase in retail trading activity in the tech sector, which traditionally dominates SPAC merger deals.

Transportation technology has become a favored target for SPAC mergers, particularly in autonomous driving and electrification. Kennedy observes that SPACs in this sector have a mixed performance record. Success stories include Joby Aviation and Quantumscape. However, a significant number of companies have underperformed, including EV trucking companies Nikola and Volta, and several EV companies like Vinfast, Faraday Future, Polestar, Lucid and Canoo.

Another trucking-focused SPAC deal is currently in progress involving Plus.AI and Churchill Capital Corp IX.