Temasek participates in Swedish freight mobility technology company Einride’s $500 million financing
Singapore state investor Temasek has participated in Sweden freight mobility technology company EinrideFunding of $500 million.
Einride said in a statement on Wednesday that the financing includes a $300 million loan facility and a $200 million equity injection to advance Einride’s global growth in offering autonomous, electric and digital freight technology.
The debt financing led by Barclays Europe is the largest asset-backed facility in heavy electric transport to date.
Meanwhile, the equity investment was led by a consortium of new investors as well as strong continued support from existing shareholders, including Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek.
The debt financing will provide transformative financing for Einride’s fleet of electric vehicles worldwide, while Series C provides a next step in financing new developments and implementations in Einride’s autonomous and digital offerings, as well as expanding Einride’s offerings to new markets and customers.
“It’s time to act to not only develop but accelerate the implementation of technology that will create a cleaner, safer and more efficient way to move goods,” said Robert Falck, founder and CEO of Einride.
“We have created the Einride ecosystem to provide the most resilient and future-proof method of electrifying freight today. With the support of our investors and shared belief in this mission, we will continue to drive disruptive change to global shipping at scale,” he added .
The debt financing, which includes an initial rollout of the $150 million facility starting in January 2023, secures long-term financing for Einride’s current and future fleet of electric heavy-duty vehicles.
The capacity of these vehicles is used by Einride’s customers as part of Einride’s overall freight ecosystem offering. The multi-jurisdictional, multi-currency facility supports Einride’s global fleet across the US and Europe, including other future planned expansions.
“This landmark debt facility represents an important milestone in the financing of heavy-duty electric vehicles,” said Gordon Beck, Head of Securitized 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 finance and capital markets expertise to support clients in driving the transition to net zero,” he added.
Meanwhile, the capital injection includes a $90 million convertible note that was raised earlier this year. Goldman Sachs Bank Europe SE acted as sole investment agent for the share capital acquisition.
Founded in 2016, Einride designs, develops and distributes technologies for freight mobility. By building freight transport networks powered by a first-of-its-kind ecosystem – including the Einride Saga intelligent platform, electric and autonomous truck fleets, charging infrastructure and connectivity networks – Einride is unlocking a resilient, cost-effective future for freight.
In the past 12 months, the company has announced expansions into several European countries – Germany, Belgium, the Netherlands, Luxembourg and Norway – as well as deployed operations for many new clients including Electrolux, GE Appliances, a Haier company and Bridgestone.
In October 2022, Einride successfully completed a pilot project on a public road in the United States with its autonomous vehicle – the first company to receive approval to do so for a vehicle without a safety driver on board. In 2019, it became the first company in the world to drive heavy-duty autonomous vehicles on public roads.
Vietnam’s electric car manufacturer VinFast applies for a US IPO