While eyeing a SPAC, Swedish autonomous EV company Einride nears $75 million in new funding – TechCrunch

Swedish Autonomous Electric Vehicle Startup Einride The goal is to continue the increased momentum through partnerships with Otley and Lidl, TechCrunch has learned, by seeking additional capital.

Einride is seeking $ 75 million in new funding, along with exploring possibilities for public listings through a special-purpose acquisition company, according to people with information about the company’s plans.

SPACs, a mechanism in which a publicly traded shell company merges with a private business, has taken the US capital markets by storm, in part, by startups focused on the electrification of mobility.

Nikola (Despite his dubious claims) Helped set the stage for the SPAC boom. Canoo, Fisker Inc, ChargePoint and Lordstown Motors are just a few of the US EV companies that have gone public through SPAC over the past year.

Unlike some newly minted SPAC companies, Einride has some basics. The company has already piloted its technology Through a partnership with Otley, Swedish oat milk maker.

In October 2020 they started using Oinride’s electric trucks from each of their Swedish production sites on their delivery routes. Statements from companies.

“Sustainability is at the core of everything we do, and we work hard to reduce our emissions across the board. This includes our emissions for transport, which is why we are now shifting to electrical vehicles, which reduces our climate footprint by 87 percent on these routes.

The deal with Otley was just beginning. As the ink on that partnership dried up, Iniride increasingly signed on to other marquee Swedish businesses, including food shipping and logistics company Lidl and electronics manufacturer Electrolux.

The large automaker has its own electric and autonomous plans. Argo, a developer of self-driving technology, It is now worth $ 7.5 billion Thanks to the investment from Ford and the VW Group. Advertisement VW’s Tretan Group is pushing for lower emissions and electrification through a $ 2.2 billion investment Announced in 2019.

Daimler, Packer and Volvo Everyone has plans Too.

This is just scratching the surface of the money coming into autonomous, electrified transport. Of course, Tesla is in the game with its semi truck And, in China, Plus is automating many vehicles from AI, Manbang, Suning and FAW Jiefang.

All of this money is aimed at capturing a portion of the market for autonomous, electrified vehicles, which consulting firm McKinsey estimated would save the trucking industry more than $ 100 billion. This is a potentially huge opportunity in the 260 billion US trucking market alone. Worldwide, businesses spend $ 1.2 trillion on trucking, According to McKinsey.

The benefits to the industry are more than just financial. Trucking is a large component of greenhouse gas emissions that come from the transport sector – including road, rail, air, and sea transport. In 2016, trucking and transportation contributed roughly 24% to the world’s total greenhouse gas emissions – and the number is steadily increasing.

Any reduction in carbon emissions from the transport sector will be a major step towards a more environmentally sustainable future.

No wonder investors are falling short of each other to invest in these companies. Einride counts among its investors funds supported by EQT Ventures and Nordikinja VC, Panasonic, Honda, Omron and Japan Bank for International Cooperation. The startup has so far invested $ 32 million, with support from Ericsson Ventures, Norseken Foundation, Plum Alley Investments and Plug and Play Ventures.