Swedish electric truck company Einride has announced that it has raised $500 million in a combination of equity and debt financing.
Round was led by investment firm Latitude and included participation from current investors including Norrsken VC and Sweden's state-owned energy company Vattenfall.
Einride, which was founded in 2016, specializes in the development and deployment of electric and autonomous trucks. The company's flagship product is the T-pod, a fully electric and self-driving truck that is designed for use in long-haul transport on highways. The T-pod is currently in use in a number of pilot projects, including a partnership with logistics company DB Schenker in Sweden.
The funding will be used to support the expansion of Einride's operations, including the production and deployment of additional T-pods. The company plans to use the funding to accelerate the development of its technology and bring its electric and autonomous trucks to market more quickly.
Einride CEO Robert Falck said in a statement that the funding would help the company "realize our vision of a sustainable and efficient transportation system." He added that the company was "thrilled to have Latitude on board as a partner" and that the funding would help Einride "expand our reach and accelerate our growth."
The funding round comes at a time when the market for electric and autonomous trucks is growing rapidly. A number of major companies, including Tesla and Daimler, are currently developing electric and self-driving trucks, and the market is expected to be worth billions of dollars in the coming years.
Einride's success in raising $500 million in funding is a significant accomplishment for the company and underscores the growing demand for electric and autonomous truck technology. The funding will help Einride continue to innovate and bring its technology to market, positioning the company at the forefront of the rapidly-growing electric and autonomous truck industry.