Sweden-based Einride has raised $110 million to fund the development and use of electric, autonomous trucks, the company announced in a Tuesday (May 6) press release.
New investors include Temasek, Soros Fund Management, Northzone, Maersk Growth and Build Capital. In addition, existing investors EQT Ventures, Plum Alley Investments, Norrsken VC, Ericsson and NordicNinja VC also participated in the round.
The company said its most well-known product is the “Einride Pod,” which does not have a cab section to the truck. “It’s the only driverless freight mobility vehicle on the market and in commercial use,” the firm said.
Einride said the latest funding round will be used to increase the use of its vehicles in its main customer base, Europe and the U.S. “The Einride Pod also holds the current global speed record for electric and autonomous freight,” the release added.
Einride’s existing customers include Coca-Cola, Oatly, Lidl and Electrolux. The company said its technology has helped reduce its customers’ emissions of carbon dioxide by 94 percent, compared to diesel-powered trucks.
“Einride is dedicated to transforming road freight transport as we know it, making it more cost-efficient, safe, and sustainable,” said Einride Co-Founder and CEO Robert Falck.
Jeppe Høier, partner at Maersk Growth, said his firm looks “forward to being part of Einride’s mission to electrify and decarbonize inland transport globally.”
“Einride has emerged as the category leader, allowing global shippers to shift to electric and autonomous freight options,” said Jessica Schultz, general partner at Northzone.
Ellen Kugelberg, Einride’s chief operating officer, told PYMNTS that her company sees a growth opportunity given “the environmental, labor and utilization concerns that still exist for human-operated diesel trucks.” Last October, the company reeled in $25 million in venture capital.
“Going from one or two drivers per vehicle with a high complexity of locations and needs, to one operator for 10 vehicles in one fixed location, will naturally create large cost savings,” she said.