Einride raises $500m to deliver heavy duty electric vehicles

Freight mobility technology company Einride announced today it has secured $500M in financing,  The debt financing, which is the largest asset-backed facility to date for heavy-duty electric vehicles, will provide transformative funding for Einride’s fleet of electric vehicles across the world. 

The company has pioneered automonous vehicles in the US and Europe, including a recent successful lot of an autonmous truck in the States. It sees itself as a disruptor - a company whose function and products will irrevocably change the way we do freight movements.

“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 funding comprises $300m of debt financing and $200m of equity.

Einride says the debt financing, will provide long term funding for its current and future electric, heavy-duty vehicle fleets. The capacity of these vehicles is utilized by Einride’s clients as part of the overall Einride freight ecosystem offering. The multi-jurisdictional, multi-currency facility supports Einride’s global fleet across the US and Europe, including other future planned expansions.

By building freight mobility grids powered by a first-of-its-kind ecosystem — including the intelligent platform Einride Saga, electric and autonomous trucking fleets, charging infrastructure and connectivity networks — Einride unlocks a resilient, cost-effective future for freight. In the past 12 months, the company has announced expansions into several European countries — Germany, Belgium, Netherlands, Luxembourg and Norway — as well as deployed operations for numerous new clients including Electrolux, GE Appliances, a Haier company, and Bridgestone. In October of 2022, Einride successfully completed a pilot on a US public road with its autonomous vehicle — the first company to receive approval to do so for a vehicle without a safety driver on board. In 2019 it became the first company in the world to operate heavy-duty autonomous vehicles on public roads. 

Einride has worked with many logistics organisations in Europe and Scandinavia. It will be interesting to see whether the company has any plans to expand into the UK market.

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