Einride moves ahead with public debut: Swedish autonomous e-trucking outfit Einride is planning to go public through a special purpose acquisition company (SPAC), Legato Merger, Reuters reported on Thursday. If the transaction, which puts Einride’s market valuation at USD 1.8 bn, goes ahead, Einride’s shares would hit trading on NYSE as early as 1H 2026.

What is SPAC? SPAC — also known as a blank-check firm — is a publicly traded shell company with no prior commercial operations, created to raise money through an IPO and to merge with or acquire a private company.

Einride has regional footprints: DP World and Einride inked an agreement back in May to deploy 100 electric trucks at Jebel Ali Port. The UAE’s Ministry of Energy and Infrastructure inked an initial MoU with Einride in June 2023 to develop a 550 km freight mobility grid. In February of last year, Abu Dhabi’s Integrated Transport Center inked an agreement with the Swedish firm to develop a transit network connecting Al Ruwais, Khalifa Industrial Zone Abu Dhabi, and the city of Al Ain.

About Einride: Founded in 2016, the Swedish company currently serves 25 customers across seven countries and operates roughly 200 EVs. The firm currently has a contracted annual recurring revenue (ARR) base of USD 65 mn, with potential long-term ARR of up to USD 800 mn.

A boon for the struggling green trucking world? The green trucking sector has been facingglobal headwinds, which saw at least six Western startups go bust in the last two years, including US-based Nikola and Hyzon Motors and EU-based Hyvia and Quantron, in addition to electric truck and bus makers Arrival and Proterra. Tepid demand, high hydrogen prices, and lackluster infrastructure are among the major challenges facing the industry.

Tags: