Einride from Sweden Raises $113M to Go Public via SPAC Merger at $1.35B Valuation

First IQM from Finnland; then the French quantum unicorn Pasqal; and now Einride from Sweden: The Swedish tech scale-up Einride has taken an important step on its path to going public. The company, which specializes in electric and autonomous truck logistics, secured 113 million dollars in an oversubscribed financing round to support the planned merger with the Special Purpose Acquisition Company (SPAC) Legato Merger Corp. III. The transaction values Einride at 1.35 billion dollars, as announced on Friday.

What is a SPAC?

A Special Purpose Acquisition Company (SPAC) is a publicly listed shell company founded exclusively for capital raising. By merging with an operating company, it enables that company to access the public capital market. This method offers a faster and more flexible alternative to a traditional initial public offering (IPO), but is also subject to less stringent regulations.

SPAC deals were particularly popular among electric vehicle startups between 2020 and 2022. However, many of these transactions ended with significant losses for investors, leading to a more skeptical stance toward this form of financing. Now Einride is attempting to go public via a SPAC merger.

Einride’s Business Model

Einride was founded in 2016 and develops digital, electric, and autonomous freight solutions. The company positions itself primarily as a technology and logistics platform based on three pillars:

• AI-driven planning and optimization of freight transport
• Autonomous vehicle technology with proven commercial deployment capability
• One of the world’s largest electric heavy-duty vehicle fleets along with charging infrastructure

Unlike failed SPAC deals of other electric vehicle startups, Einride does not manufacture its own vehicles. Instead, the company sources electric trucks from established partners such as PACCAR, Kenworth, and Peterbilt, and focuses on the software and operations platform.

“Our proprietary technology, specifically developed for autonomous operations, combined with our vehicle-agnostic approach, provides significant competitive advantages,” explained Henrik Green, CTO of Einride.

Financing Details

The PIPE financing (Private Investment in Public Equity) now announced, totaling 113 million dollars, was subscribed by new and existing investors, including a global asset management company from the US West Coast and EQT Ventures from Stockholm. Together with a previously announced crossover financing of approximately 100 million dollars, investors have committed a total of around 213 million dollars to the transaction.

The overall transaction is expected to generate approximately 333 million dollars in gross proceeds, including the PIPE financing and 220 million dollars from Legato’s trust account. This is before consideration of potential redemptions and transaction costs.

Plans for the IPO

Subject to the fulfillment of all closing conditions, including approval by Legato shareholders and regulatory approvals, the merged company plans to list its common shares (represented by American Depositary Shares) and warrants on the New York Stock Exchange. The IPO is expected for the first half of 2026 under the proposed ticker symbol “ENRD”.

Einride plans an investor presentation via webcast on March 19, 2026, at which further details will be announced.

Global Expansion Planned

The proceeds from the financing are intended to support Einride’s technology roadmap and global expansion. This includes autonomous operations in North America, Europe, and the Middle East, as well as additional commercial applications of the company’s intelligent freight platform.

“This PIPE financing reflects strong investor confidence in Einride’s mission to transform global freight transport through autonomous and electric technology,” said Roozbeh Charli, CEO of Einride.

Einride’s original valuation was approximately 1.8 billion dollars. The reduction to 1.35 billion dollars reflects the changed market conditions and skepticism toward SPAC deals in the electric vehicle sector following numerous failed transactions in recent years.