Einride secures an additional $500 Million in funding
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Einride has announced it has secured $500M in financing, including both a Series C equity raise and a debt facility. The Swedish company describes its debt financing as the largest asset-backed facility to date for heavy-duty electric vehicles.
In a press release, Einride claims the Series C provides “a next step in the funding of new developments and deployments across Einride’s autonomous and digital offerings, as well as expanding Einride’s offerings to new markets and clients.”
“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,” said Robert Falck, Founder and CEO at Einride. “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.”
The $300M in debt financing, which includes an initial facility roll out of $150M starting in January 2023, has been signed with Barclays Europe. It, according to Einride, ensures long term funding for the company’s current and future electric, heavy-duty vehicle fleets.
“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 Einride’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”.
In addition, Einride says it has initially secured $200M in equity contribution led by a consortium of new investors as well as strong continued support from existing shareholders.
Investors include leading Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek. The equity contribution includes a $90M convertible note raised earlier this year.