Einride, the Sweden-founded developer of digital, electric and autonomous freight technology, plans to go public through a business combination with Legato Merger Corp. III (NYSEAMERICAN: LEGT), valuing the company at $1.8 billion and aiming for a New York Stock Exchange listing in the first half of 2026, according to the companies.
A spokesperson for Einride said: “Today, Einride, a leading technology company specializing in autonomous and electric freight operations, and Legato Merger Corp., a special purpose acquisition company (SPAC), announced their plans to go public through a SPAC deal and a $1.8 billion valuation, and be listed on NYSE.”
The spokesperson added: “Taking a dual Freight-Capacity-as-a-Service (FCaaS) and Software-as-a-Service (SaaS) approach through its EV/AV proprietary Saga platform, Einride has proven itself as a leader in a $4.6 trillion global road freight market, with 25+ enterprise customers and a fleet of approximately 200 electric vehicles, including scaling autonomous deployments.”
The parties said the deal is expected to generate approximately $219 million in gross proceeds before potential redemptions and costs, with Einride also “seeking up to $100 million of private investment in public equity (PIPE) capital to accelerate growth”.
The transaction was unanimously approved by both boards and would leave existing Einride shareholders with roughly 83 percent of the combined company assuming a $100 million PIPE.
Einride positions the listing as fuel for expansion of its dual FCaaS and SaaS model, licensing its AI-powered planning software and proprietary autonomous driving system while operating electric freight services under multi-year take-or-pay contracts.
The company cites a contracted base of $65 million in annual recurring revenue (ARR), a current ARR run-rate of about $45 million, and more than $800 million in potential long-term ARR embedded in joint business plans with customers.
Operationally, Einride highlights “over 11 million electric miles driven” and “over 350,000 executed shipments”, along with a “99.7 percent on-time performance rate”.
The spokesperson also stated: “Einride continues to build on commercial success with electric and autonomous technology, maintaining a zero-traffic incident safety record and a 99.7 percent on-time performance rate across all operations, using a multi-modal sensor approach (LiDAR, camera, and radar), combined with Global Navigation Satellite System (GNSS) tracking and its primary deep learning model for additional guardrails and safety.”
The company points to regulatory milestones as a differentiator, noting permits for cab-less heavy-duty autonomous vehicle operations on public roads “(2019 in Europe, 2022 in the United States)” and a safety case that is “documented and third-party audited.”
Management executives framed the merger as a catalyst for scale.
“Today marks a defining moment for Einride and for the future of freight technology,” said Roozbeh Charli, CEO of Einride. “We’ve proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better.
“This Transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers. The foundation is built, the demand is clear, and our focus is on execution and delivering the future of freight.”
Robert Falck, founder and executive chairman of Einride, said: “From the start, Einride has been about more than just technology, it has been about transforming an entire industry.
“Together with Roozbeh and the team, we’ve built a strong foundation and are now well-positioned to execute on that vision and enable an electric and autonomous future for the industry.”
Henrik Green, CTO of Einride, said: “Our proprietary technology stack, purpose built for autonomous operations, combined with our vessel-agnostic approach, provides significant competitive advantages.
“With our demonstrated safety record and established ability to operate autonomous vehicles commercially, we are well-positioned to capture the significant market opportunity as the industry transitions to electric and autonomous freight.”
On the SPAC side, Eric Rosenfeld, chief SPAC officer of Legato, said: “This transaction with Einride aligns with our vision to bring industry-leading, innovative technology to the public markets.
“Einride’s proven customer relationships, regulatory achievements, and technology platform position the Company to be a leader in the transformation of the freight industry.
“We believe that the market fundamentals are strong, the timing is right, and Einride has the operational excellence to capitalize on this massive shift in how goods move around the world.”
Einride serves customers including PepsiCo, Heineken, Carlsberg, Mars, GE Appliances and Apotea, and recently raised $100 million in crossover capital from investors including EQT Ventures and NordicNinja.
Completion of the merger is subject to customary approvals and the filing of SEC documents, with investor materials available at Einride’s website.
