Einride has secured fresh backing as it prepares for the public markets, announcing a new PIPE financing round that pushes total committed capital tied to its pending merger to roughly $213 million.
The private investment in public equity, or PIPE, drew support from both new and existing investors, including a global asset management firm based on the U.S. West Coast and Stockholm-based EQT Ventures. The funding is expected to support Einride’s next phase of growth, including expansion of its autonomous freight operations across North America, Europe, and the Middle East, as well as further development of its intelligent freight platform.
The company said the PIPE proceeds exceeded earlier expectations. Einride had previously indicated plans to raise up to $100 million in additional capital to support its transaction. The final PIPE amount surpassed that target, adding to the approximately $100 million crossover financing the company announced earlier. Combined, the financing tied to the transaction now stands at about $213 million.
Einride is merging with Legato Merger Corp. III, a special purpose acquisition company. The deal assigns Einride a pre-money equity valuation of $1.35 billion. If completed as planned, the transaction is expected to deliver approximately $333 million in gross proceeds. That figure includes the PIPE financing and roughly $220 million held in Legato’s cash-in-trust account, before factoring in possible shareholder redemptions and transaction costs.
Read also: CES 2026: AI Transforms Cars With Autonomous Driving and Smart Safety Tech
Roozbeh Charli, Chief Executive of Einride, said the PIPE round signals continued backing for the company’s focus on electric and autonomous freight systems. He added that the new capital is expected to support wider commercial deployment of electric and autonomous freight services for both existing and new customers, while allowing the company to continue investing in its automated driving system and digital freight platform.
Eric Rosenfeld, Chief SPAC Officer of Legato, said the investment reflects confidence in Einride’s long-term position in logistics and transport technology as it moves toward a public listing.
The combined company is expected to list its ordinary shares, represented by American depositary shares, along with warrants on the New York Stock Exchange in the first half of 2026, subject to shareholder approval and regulatory clearances. The proposed ticker symbol is “ENRD.”
The companies noted that additional capital could still be raised before closing to further support Einride’s operating plans.
TD Cowen acted as lead placement agent for Einride in the PIPE transaction, with BTIG serving as placement agent. DLA Piper LLP (US) advised Einride on legal matters related to the PIPE, while Greenberg Traurig, LLP acted as legal advisor to the placement agents.
The securities sold in the PIPE have not been registered under the U.S. Securities Act of 1933 or applicable state securities laws. As a result, they may not be offered or sold in the United States without registration or an applicable exemption. The companies emphasized that the announcement does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where such actions would be unlawful.
Einride plans to host a webcast investor presentation on March 19, 2026, where it is expected to provide further details on its financial outlook and expansion plans.
Founded in 2016, Einride develops digital, electric, and autonomous freight systems. Its platform combines AI-based route planning and optimization tools, autonomous vehicle technology, electric heavy-duty trucks, and charging infrastructure. The company currently serves customers across North America, Europe, and the Middle East.
Legato Merger Corp. III, the SPAC partner in the transaction, was formed to pursue a merger, share exchange, asset acquisition, or similar business combination.
If approved and completed, the transaction would mark another step in the push to bring electric and autonomous freight technology to public investors, as companies in the sector seek capital to scale operations and compete in a transport market under pressure to reduce emissions and improve efficiency.
