Swedish self-driving truck start-up Einride raises more cash

Oatly AB

07/12/2022 11:00

By Marie Mannes
       Dec 7 (Reuters) - Swedish electric self-driving truck
start-up Einride said on Wednesday it had agreed to raise
capital of $500 million from debt, equity and the conversion of
earlier loans, speeding up the company's ability to pursue new
markets and customers.
    A $300 million debt facility was signed with Barclays
Europe, while $200 million in equity came from new and existing
investors, including EQT and Northzone, Einride said in a
statement.
    Some $90 million of the equity came in the form of earlier
debts being converted to shares. Einride declined to say how
much the company was valued at following the latest share issue.
    Some fast-growing tech companies have struggled to raise
funds this year while others, such as Swedish payments firm
Klarna Bank, have attracted investors by giving deep discounts
compared to earlier valuations.
    "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
Einride's founder and Chief Executive Robert Falck.
    The company's business is based on self-driving technology
for freight trucks, which has attracted investor attention in
recent years as it is deemed to be cheaper as well as easier to
roll out compared to self-driving cars.
    Self-driving freight services require less mapping than
other technology as they run on fixed routes between predefined
points, mostly on major highways without intersections or
pedestrians.
 (Reporting by Marie Mannes, editing by Terje Solsvik and Louise
Heavens)
 ((marie.mannes@thomsonreuters.com))