Einride AB, a technology company focused on electric and autonomous freight operations, and Legato Merger Corp. III, a special purpose acquisition company, announced a $113 million oversubscribed PIPE financing in support of their previously disclosed proposed business combination.
The private investment in public equity financing will provide approximately $113 million in gross proceeds. The round included participation from new and existing investors, including a global asset management company based on the U.S. West Coast and Stockholm-based EQT Ventures. The proceeds are expected to fund Einride’s technology roadmap and global expansion plans, including autonomous deployments across North America, Europe, and the Middle East, as well as further commercial applications of its intelligent freight platform.
With the PIPE, total committed capital tied to the transaction now stands at approximately $213 million, including Einride’s previously announced $100 million crossover financing. The PIPE exceeded the company’s earlier expectation to raise up to $100 million in additional capital.
The proposed transaction values Einride at a pre-money equity value of $1.35 billion and is expected to deliver approximately $333 million in gross proceeds, including the PIPE financing and $220 million held in Legato’s cash-in-trust account, before accounting for potential redemptions and transaction expenses. The companies may also pursue additional capital in connection with the closing to support Einride’s long-term operating plan.
Subject to shareholder and regulatory approvals and other closing conditions, the combined company is expected to list its ordinary shares, represented by American depositary shares, and warrants on the New York Stock Exchange in the first half of 2026 under the proposed ticker symbol “ENRD.”
TD Cowen acted as lead placement agent for the PIPE, with BTIG serving as placement agent. DLA Piper LLP (US) advised Einride, while Greenberg Traurig LLP served as legal advisor to TD Cowen and BTIG.
Founded in 2016, Einride develops and operates digital, electric, and autonomous freight solutions, including AI-powered planning and optimization software, autonomous technologies, a large electric heavy-duty fleet, and charging infrastructure. The company serves customers across North America, Europe, and the Middle East.
KEY QUOTES
“This PIPE reflects strong investor confidence in Einride’s mission to transform global freight through autonomous and electric technology. With this additional capital, we believe we are well positioned to scale our commercial deployments of electric and autonomous freight solutions with both existing and new customers, while continuing to invest in our automated driving system and intelligent freight platform.”
Roozbeh Charli, Chief Executive of Einride
“Einride continues to demonstrate leadership at the intersection of autonomy, electrification, and logistics. We believe this PIPE investment underscores the compelling value proposition and long-term growth opportunity of Einride as the Company prepares to enter the public markets.”
Eric Rosenfeld, Chief SPAC Officer of Legato Merger Corp. III
