Singapore’s state investor Temasek has joined a US$200 million Series C equity capital raise by Swedish freight mobility technology company Einride.
The tech start-up will use the financing, which includes the equity capital raise and a US$300 million debt facility, to support its fleet of heavy-duty electric and autonomous vehicles.
The equity investors, aside from Temasek, include Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure and Norrsken VC. The equity contribution includes a US$90 million convertible note raised earlier this year. Goldman Sachs Bank Europe acted as sole placement agent on the equity funding.
The debt financing, which includes an initial facility rollout of US$150 million starting in January 2023, was signed with Barclays Europe.
In the past 12 months, the company has announced expansions into several European countries – Germany, Belgium, the Netherlands, Luxembourg and Norway – and deployed operations for numerous new clients, including Electrolux, GE Appliances, a Haier company, and Bridgestone.
“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,” says Einride founder and chief executive officer Robert Falck.
“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.”
Based in Stockholm, Einride designs, develops and deploys technologies for freight mobility and is known for its unique electric and self-driving vehicles known as Einride pods. The pods are electric vehicles controlled remotely by drivers, and are distinguished by their lack of a driver’s cab.
Founded in 2016, Einride became the first company in the world to deploy an autonomous electric vehicle on a public road in 2019. In October 2022, it completed a pilot on a US public road with its autonomous vehicle, becoming the first company to receive approval to do so for a vehicle without a safety driver on board.
