The debt financing is the largest asset-backed facility to date for heavy-duty electric vehicles to date
Einride, the Freight mobility technology company announced on Wednesday it has secured financing of $500 million, including both a Series C equity growth and a debt facility. The debt financing is the largest asset-backed facility for heavy-duty electric vehicles to date, which will provide transformative funding for Einride’s fleet of electric vehicles across the globe. The Series C provides a subsequent move in the funding of new developments and deployments across the company’s autonomous and digital offerings, as well as expanding Einride’s offerings to new markets and customers.
‘‘The time is now to act on not only developing but accelerating the implementation of technology that enables a cleaner, safer, and more efficient way to move goods,’’ said Robert Falck CEO and Founder of Einride.
The company has created the Einride ecosystem to provide the most resilient and future-proof approach to electrifying freight today. With the support from its investors and a shared belief in this mission, it will continue to drive disruptive change to global freight at scale, Mr. Falck said.
The $300 million in debt financing, which comprises an initial facility rollout of $150 million starting in January 2023, signed with Barclays Europe, ensures long-term funding for Einride’s current and future electric, heavy-duty vehicle fleets. As part of the overall Einride freight ecosystem offering, the capacity of these vehicles is used by Einride’s clients. The multi-jurisdictional, multi-currency facility strengthens the company’s global fleet across the US and Europe, as well as other potential strategic expansions.
“This landmark debt facility represents a key milestone in the financing of heavy-duty electric vehicles,” said Gordon Beck, Director of Securitised Products Solutions at Barclays. “The innovative asset-backed structure complements the company’s unique ecosystem offering and is a continued demonstration of how Barclays is using our financial and capital markets expertise to support clients in driving the transition to net zero,” Beck added.
In addition, Einride has initially secured $200 million in equity contribution managed by a consortium of new investors as well as considerable sustained support from existing shareholders. Investors include leading Swedish pension fund AMF, Northzone, Polar Structure, EQT Ventures, Norrsken VC, and Temasek. The equity contribution incorporates a $90 million convertible note raised earlier this year.
By building freight mobility grids powered by a one-of-a-kind ecosystem – including the intelligent platform Einride Saga, electric and autonomous trucking fleets, charging infrastructure, and connectivity networks, the company unlocks a resilient, cost-effective future for freight. In the past 12 months, the company has announced expansions into several European countries such as Germany, the Netherlands, Belgium, Norway, and Luxembourg.
It deployed operations for numerous new clients including Electrolux, a Haier company, GE Appliances, and Bridgestone. In October of 2022, Einride successfully achieved a pilot on a US public road with its autonomous vehicle – the first company to receive approval to do so for a vehicle with no safety driver on board. In 2019 it became the first company in the world to conduct heavy-duty autonomous vehicles on public roads.
Goldman Sachs Bank Europe SE represented as the only placement agent on the equity capital increase.
About Einride
Einride, the Swedish transport company is building freight mobility grids that re-engineer the movement of goods to unlock clean capacity at scale. 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 buoyant, cost-effective shipping prospect is revealed. Established in 2016, Einride became the first company in the world to deploy an autonomous, electric vehicle on a public road in 2019 and in 2022 it became the first company to obtain approval to use the vehicle on a U.S. public road.