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Reading: Einride secures $500 million to finance autonomous truck business
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EV-a2z > News > Einride secures $500 million to finance autonomous truck business
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Einride secures $500 million to finance autonomous truck business

EV-a2za
Last updated: 2023/01/25 at 12:35 PM
EV-a2za Published December 13, 2022 3 Min Read
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Einride, a Swedish freight technology company, announced it had secured $500 million in financing, which should aid in bringing its updated autonomous electric truck to the market as part of its freight mobility ecosystem, as per InsideEVs.

Contents
The investment to provide funding for Einride’s EV fleetEinride completes autonomous vehicle pilot on US public roadEinride Gen 2 Rigid Large

Einride announced today it has secured $500M in financing, including the largest asset-backed debt facility to date for heavy-duty electric vehicles and equity raise. Together, this will accelerate the global deployment of sustainable freight mobility. https://t.co/HkRXdiCaOF

— Einride (@einrideofficial) December 7, 2022

The financing, including a $300 million debt facility and $200 million Series C equity contribution, is currently the largest asset-backed facility in heavy-duty electric transport, according to the company. 

Barclays Europe signed the debt financing, while equity investors included Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure AB, Norrsken VC and Temasek, amongst others.

— Einride (@einrideofficial) December 7, 2022

The debt facility was led by Barclays Europe. In contrast, the equity funding round included investors such as Swedish pension fund AMF, Polar Structure, EQT Ventures, Temasek, Norrsken VC, and Northzone, among other leading companies. 

The equity contribution contained a $90 million convertible note raised earlier in 2022. 

The investment to provide funding for Einride’s EV fleet

The Swedish company says the investment would offer transformative funding for its electric vehicle fleet worldwide, as it represents the next step in funding new developments and deployments in its autonomous and digital offerings. 

In addition, the money would help the company expand its offerings to clients and new markets and develop an electric and autonomous freight mobility ecosystem.

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.

Robert Falck, Founder and CEO at Einride

In the last 12 months, Einride has announced expansions to some European countries, including Belgium, Luxembourg, Germany, Norway, and the Netherlands, and deployed operations for multiple new clients, including Bridgestone, Electrolux, and GE Appliances.

Einride has officially operated its autonomous and electric vehicle on public roads in the United States. After receiving approval from the National Highway Traffic Safety Administration, the company has successfully completed the first-ever pilot for this new type of vehicle. pic.twitter.com/l4CUfTMquD

— Einride (@einrideofficial) October 27, 2022

Einride completes autonomous vehicle pilot on US public road

In October, Einride finished a pilot on the US public road with its autonomous vehicle, becoming the first to acquire approval for a vehicle without a safety driver on board.

Learn about the grids, the new Einride Gen 2 Rigid Large, the Einride Stations, and more.https://t.co/JrxI7fBFMJ

— Einride (@einrideofficial) November 9, 2022

Einride Gen 2 Rigid Large

Furthermore, in November, the company unveiled the second iteration of its autonomous truck prototype, the Gen 2 Rigid Large. The vehicle provides a larger cargo hold compared to the Gen 1 pod, updated night vision capabilities, optics form sensors, and maximum speed. 

Remote Interface, the interface used to operate it remotely, was also upgraded. Einride expects to begin the Gen 2 deployment at consumer sites starting next year. 

Similarly to the Gen 1, the Gen 2 Rigid Large doesn’t have a cab or seating area for a human driver. It could be remotely controlled by a human operator with a joystick and other controls while sitting at a desk and looking at large screens presenting live video feeds of the truck’s cameras.

On the other hand, while Einride has produced its initial pod truck prototypes, it plans to contract its manufacturing to others eventually.

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TAGGED: Autonomous Vehicle, Electric Vehicle, Europe, EV, USA
EV-a2za January 25, 2023 January 25, 2023
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