Einride designs, develops and deploys technologies for freight mobility. By building grids powered by a first-of-its-kind ecosystem — the intelligent platform Einride Saga, electric and autonomous fleets, charging infrastructure and connectivity networks — a resilient, cost-effective shipping future is unlocked. Founded in 2016, Einride became the first company in the world to deploy an autonomous, electric vehicle on a public road in 2019 and became the first company to receive approval to operate the vehicle on a U.S. public road in 2022.
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Latest updates and highlights:
Securing $500M in financing, including both a Series C equity raise and debt facility in December 2022. Equity investors of $200M include Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek amongst other leading investors. The debt financing of $300M, led by Barclays Europe, is the biggest asset-backed facility in heavy-duty electric transport to date
Secured customer contracts of above 20 billion SEK over the next coming five years. The company is now working on rolling out several thousand vehicles
First approved vehicle company in the U.S. to drive autonomous trucks on public roads without a driver onboard in a pilot
Presentation of the next generation cargo fleet. Watch this video for further information regarding new features and the upgraded EV fleet.
Launching Einride stations, e.g. company’s own charging infrastructure
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 and Bridgestone
Einride now has around 500 employees with plans for further new recruitments. The company has opened regional offices in the U.S. and a U.S. headquarter in New York City.
Einride closes a $500M Series C in equity raise and debt
Freight mobility technology company Einride announced on December 7 it has secured $500M in financing, including both a Series C equity raise and a debt facility. The Series C provides a next step in the funding of new developments and deployments across Einride’s autonomous and digital offerings, as well as expanding Einride’s offerings to new markets and clients.
The financing includes a debt facility of $300M and an equity contribution of $200M to progress Einride’s global growth of offering autonomous, electric and digital shipping technology
The debt financing, led by Barclays Europe, is the biggest asset-backed facility in heavy-duty electric transport to date
Equity investors include Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek amongst other leading investors
“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 $300M in debt financing, which includes an initial facility roll out of $150M starting in January 2023, signed with Barclays Europe, ensures long term funding for Einride’s 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.
First company in the world to drive autonomous vehicles on public roads in the US
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. CEO & founder Robert Falck was interviewed in Dagens Industri this summer:
"It is a great achievement for this small company from little Sweden to be the first in the world to receive this permission," says Falck to Dagens Industri and continues:
"For our industry, this is equivalent to when the Wright brothers flew their first 300 meters. It is a historic first step towards the autonomous electric transport system of the future.”
Replicating the Tesla strategy and rolling out Einride charging stations
Recently, the company presented the next generation of its cargo vehicles, which will start rolling out next year. The vehicle has, among other things, updated sensors and better night vision. In the various transport services, both the autonomous vehicles and electric trucks with drivers are used. What they all have in common is that they all need to be charged during the route. Therefore, Einride is now creating its own charging infrastructure. The first so-called Einride Stations will be located in southern and central Sweden and near the port of Los Angeles. The American station is primarily for logistics company Maersk's fleet of Einride trucks.
"We build charging stations above all to optimize the service for our customers and for our vehicles, but in the future they can also be opened to others," says Robert Falck.
It follows the same pattern as the American electric car pioneer Tesla, which started by having its own charging stations just for Teslas and after a few years began to let in other car brands.
Entering the German market with Electrolux
Einride is also entering the German market together with Electrolux. The collaboration is expected to reduce the Swedish appliance giant's carbon dioxide emissions by 92 percent.
"Germany is Europe's largest transport market and has historically been at the forefront, they invented both the internal combustion engine and the world's first truck. But right now the German transport sector is grappling with enormous challenges such as sky-high fuel and energy prices, a severe driver shortage and government requirements to halve emissions by 2030".
“Private companies have huge potential upside. The challenge is that they are usually closed to investment. We created Tioex as a new way in.”
Founding Partner, CEO