-- The business combination further strengthens Einride's unique positioning
to lead the transition to autonomous freight operations in a $4.6
trillion global road freight market.
-- Sweden-based Einride has proven commercial traction with over 25
customers, including several blue-chips, across seven countries, and has
developed industry-leading autonomous vehicle technology with regulatory
permits across the United States and Europe.
-- The growth platform includes a contracted Annual Recurring Revenue
("ARR") base of $65 million and over $800 million in potential long-term
ARR through Joint Business Plans with customers, providing a clear
pathway for revenue scaling.
-- Einride's dual EV/AV platform and proprietary AI technology platform
provide the operational foundation for scaling electric and autonomous
freight operations with notable customers.
-- The transaction is expected to provide approximately $219 million in
gross proceeds before accounting for potential redemptions, transaction
expenses and any further financing. Additionally, the Company is seeking
up to $100 million in PIPE capital1.
-- The transaction is further supported by $100 million in crossover capital
raised by Einride during 2025 from existing and new institutional
investors including a global asset management company based on the West
Coast of the United States, EQT Ventures, and NordicNinja.
-- The transaction values Einride at $1.8 billion in pre-money equity value
and is expected to result in Einride becoming a publicly listed company
on the NYSE.
STOCKHOLM and NEW YORK, Nov. 12, 2025 /PRNewswire/ -- Einride AB
("Einride" or the "Company"), a technology company driving the
transition to electric and autonomous freight operations for some of the
world's largest shippers, and Legato Merger Corp. III (NYSEAMERICAN:
LEGT) ("Legato"), a special purpose acquisition company, announced today
that they have entered into a definitive business combination agreement
for a proposed business combination (the "Transaction") that would
result in Einride becoming a NYSE-listed public company.
The Transaction is expected to create the public market's premier
autonomous and electric freight technology platform, combining Einride's
technology platform and operational expertise across seven countries
with proven commercial traction and leadership in autonomous vehicle
deployments. Upon closing, the combined company is expected to continue
its operations with more than 25 enterprise customers, manage and grow
its current fleet of approximately 200 electric vehicles, and advance
scaling autonomous deployments with customers that today include GE
Appliances and Apotea, Sweden's leading online pharmacy.
Business Overview
Founded in 2016 and headquartered in Stockholm, Sweden, Einride has
established itself as a leading technology company helping global
customers to cost-efficiently transition their logistics to electric and
autonomous technology. Einride's business model centers on a dual
Freight-Capacity-as-a-Service (FCaaS) and Software-as-a-Service (SaaS)
approach through its proprietary AI powered platform, which orchestrates
the entire ecosystem required for electric and autonomous operations.
Under its FCaaS model, Einride provides end-to-end freight services for
both driver operated heavy-duty commercial electric trucks and
heavy-duty autonomous electric trucks. Through its SaaS offering,
Einride can license its technology platform to third parties, including
both the operational planning AI software and Einride's proprietary
autonomous driving system, creating multiple revenue streams and
scalability pathways.
Building on its U.S. headquarters located in Austin, Texas, Einride is
deepening its commitment to the United States as a driving force in
technological innovation. The United States represents a critical growth
market for autonomous freight technologies, supported by a favorable
macroeconomic environment, forward-thinking policy and regulatory
initiatives, and a strong ecosystem.
As a global leader in autonomous freight mobility, Einride is expanding
its American footprint to better serve its strong base of U.S.
customers. Currently, the United States represents the Company's second
largest market and the Company plans to continue to invest in the United
States over the coming years to accelerate deployment of its autonomous
systems, establish domestic hardware supply chains, bolster R&D efforts,
and create jobs across key logistics and technology hubs, thereby
delivering lasting value for American partners, customers, and
communities alike.
The Company has demonstrated top-tier commercial traction with over
1,700 driverless hours in contracted customer operations, over 11
million electric miles driven, and over 350,000 executed shipments,
which position it to be a clear market leader in electric and autonomous
freight deployment. With a current run-rate ARR of approximately $45
million and a total contracted base of $65 million ARR in signed
customer contracts, Einride has achieved strong commercial validation
with a customer base of blue-chip global transport buyers. Additionally,
the Company has a base of more than $800 million of potential long term
ARR within its Joint Business Plans, which are detailed scaling plans
with customers for the continued expansion of electric and autonomous
deployments. The Company's operational excellence is evidenced by its
99.7% on-time performance rate, which showcases both the reliability and
scale of its electric freight operations.
Einride leverages its suite of AI planning tools to match customer
demand with optimized vehicle operations, achieving an approximately 13%
reduction in fleet-level total cost of ownership, compared to the diesel
baseline, with even further cost savings potential through the
deployment of Einride's autonomous freight solutions, and nearly 90%
accuracy in energy predictions. Einride's comprehensive platform manages
everything from charging infrastructure optimization to battery
management systems. This enables the Company to offer full-service
freight solutions under take-or-pay contracts averaging 4.5 years in
duration with minimum volume commitments, providing strong revenue
visibility and predictable cash flows.
Autonomous Technology Architecture
Einride's autonomous technology stack, built entirely in-house and from
the ground up for driverless operations, enables a superior cost
transition to autonomous freight operations for its customers. The
software stack is incorporated into Einride's autonomous cab-less
vehicles and deployed for autonomous operations with Einride's shipper
customers. Additionally, the technology stack is vessel-agnostic and can
be deployed across multiple vehicle platforms beyond Einride's own
proprietary autonomous cab-less electric trucks. This provides
additional revenue streams in areas such as defense and specialized
civilian applications.
To the Company's knowledge, Einride was the first company globally to
receive permits for cab-less heavy-duty autonomous vehicle operations on
public roads (2019 in Europe, 2022 in the United States), and has
maintained zero traffic incidents across all operations. The Company
employs a comprehensive three-modality perception stack combining LiDAR,
camera, and radar technologies, which is an approach that has become
industry standard for heavy-duty commercial applications. This
multi-modal sensor suite, combined with motion sensors and Global
Navigation Satellite System $(GNSS)$ satellite tracking, feeds into
Einride's proprietary dual-path software architecture, comprised of a
primary deep learning model that provides human-like driving behavior,
supported by a secondary rule-based, deterministic system that serves as
a guardrail and forms the foundation for regulatory approvals.
Safety & Regulatory Leadership
Safety is fundamental to Einride's operations and serves as the
foundation for its regulatory achievements. The Company maintains its
proven safety record through a proprietary safety case that is
documented and third-party audited. This safety framework has enabled
Einride to secure permits for public road operations for heavy-duty
cab-less autonomous vehicles in four countries across North America and
Europe. The Company's regulatory approach has evolved from initial
nine-month approval processes to recent permits obtained in weeks,
demonstrating growing regulatory acceptance of Einride's solutions and
established track record with authorities.
Management Commentary
"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."
"From the start, Einride has been about more than just technology, it
has been about transforming an entire industry," remarked Robert Falck,
Founder and Executive Chairman of the Board of Einride. "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."
"Our proprietary technology stack, purpose built for autonomous
operations, combined with our vessel-agnostic approach, provides
significant competitive advantages," commented Henrik Green, CTO of
Einride. "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."
"This transaction with Einride aligns with our vision to bring
industry-leading, innovative technology to the public markets," added
Eric Rosenfeld, Chief SPAC Officer of Legato. "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."
Transaction Overview
The Transaction values Einride at $1.8 billion in pre-money equity value
and is expected to generate approximately $219 million in gross proceeds
before accounting for potential redemptions of Legato's public shares,
transaction expenses and any further financing. Additionally, the
Company is seeking up to $100 million of private investment in public
equity ("PIPE") capital to accelerate growth(1) . As announced
previously, the transaction is further supported by $100 million in
crossover capital raised by Einride during 2025 from existing and new
institutional investors including a global asset management company
based on the West Coast of the United States, EQT Ventures, and
NordicNinja.
The existing shareholders of Einride are expected to own approximately
83% of the pro-forma equity after closing of the Transaction, assuming
the Company raises a $100 million PIPE. Einride's existing management
team will continue to lead the Company following completion of the
Transaction.
The Transaction was unanimously approved by the Boards of Directors of
Legato Merger Corp. III and Einride. Completion of the proposed
Transaction is anticipated to occur in the first half of 2026 subject to
customary closing conditions, including regulatory approvals.
For additional information about the Transaction, see Legato's Current
Report on Form 8-K, which will be filed promptly, following the issuance
of this press release, and which can be obtained, without charge, at the
Securities and Exchange Commission's internet site .
Webcast
Einride has posted a webcast providing an overview on its business and
the Transaction. The webcast is available on demand. Please visit the
Company's investor webpage at https://www.einride.tech/investors to
access it, along with other investor materials.
Advisors
TD Cowen is serving as financial and capital markets advisor to Einride.
TD Cowen and BTIG, LLC are engaged as placement agents to Einride. BTIG,
LLC is serving as capital markets advisor to Legato.DLA Piper LLP (US),
Advokatfirma DLA Piper Sweden KB, and Conyers Dill & Pearman LLP are
serving as legal counsel to Einride. Graubard Miller, Lindskog
Malmstrà m Advokatbyrå AB, and Appleby (Cayman) Ltd. are
serving as legal counsel to Legato.Greenberg Traurig, LLP is serving as
legal counsel to TD Cowen and BTIG, LLC.
About Einride:
Founded in 2016, Einride is a technology company that develops and
operates digital, electric and autonomous freight solutions to
accelerate the transition to future proofed transportation in a
cost-efficient way. Its technology platform includes AI powered planning
and optimization, autonomous technologies, one of the world's largest
electric heavy-duty fleets and charging infrastructure. Einride is
serving customers across North America, Europe and the Middle East.
About Legato Merger Corp. III:
Legato Merger Corp. III (NYSEAMERICAN: LEGT) is a blank check company
organized for the purpose of effecting a merger, capital stock exchange,
asset acquisition or other similar business combination with one or more
businesses or entities.
(1) (There is no assurance that the PIPE transaction will be completed
as no definitive agreements have been executed to date. Further, neither
the terms of any investment nor the form of any securities to be issued
in the PIPE transaction have been determined. If completed, the final
amount raised through the PIPE transaction may be greater than, less
than or equal to $100 million.)
Forward-Looking Statements
This press release contains certain "forward-looking statements" within
the meaning of U.S. federal securities laws with respect to the proposed
transaction between Einride and Legato, including, but not limited to,
statements regarding the benefits of the transaction, the anticipated
benefits of the transaction, Einride's or Legato's expectations with
respect to future performance, the addressable market for Einride's
solutions and services, capitalization of Einride after giving effect to
the transaction, the percentage of the Company's shareholders' ownership
interest in the equity of the combined company following the closing of
the transaction and Einride's expected investments in the U.S. market.
These forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should," "will,"
"would," "will be," "will continue," "will likely result," and similar
expressions. Forward-looking statements are their managements' current
predictions, projections and other statements about future events that
are based on current expectations and assumptions available to the
Company and Legato, and, as a result, are subject to risks and
uncertainties. Any such expectations and assumptions, whether or not
identified in this press release, should be regarded as preliminary and
for illustrative purposes only and should not be relied upon as being
necessarily indicative of future results. Many factors could cause
actual future events to differ materially from the forward-looking
statements in this press release, including but not limited to: (1) the
occurrence of any event, change or other circumstances that could give
rise to the termination of definitive agreements with respect to the
transaction; (2) the outcome of any legal proceedings that may be
instituted against Legato, Einride, the combined company or others
following the announcement of the transaction and any definitive
agreements with respect thereto; (3) the amount of redemption requests
made by Legato public shareholders and the inability to complete the
business combination due to the failure to obtain approval of the
shareholders of Legato, to obtain financing to complete the transaction
or to satisfy other conditions to closing; (4) risks related to the
scaling of the Company's business and the timing of expected business
milestones; (5) the ability to meet stock exchange listing standards
following the consummation of the transaction; (6) the risk that the
transaction disrupts current plans and operations of the Company as a
result of the announcement and consummation of the transaction; (7) the
ability to recognize the anticipated benefits of the transaction, which
may be affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its management and
key employees; (8) costs related to the transaction; (9) risks
associated with changes in laws or regulations applicable to the
Company's solutions and services and the Company's international
operations; (10) the possibility that the Company or the combined
company may be adversely affected by other economic, geopolitical,
business, and/or competitive factors; (11) supply shortages in the
materials necessary for the production of Einride's solutions; (12)
negative perceptions or publicity of the Company; (13) risks related to
working with third-party manufacturers for key components of Einride's
solutions; (14) the termination or suspension of any of Einride's
contracts or the reduction in counterparty spending; and (15) the
ability of Einride or the combined company to issue equity or
equity-linked securities in connection with the proposed business
combination or in the future. Forward-looking statements are not
guarantees of future performance. You should carefully consider the
foregoing factors and the other risks and uncertainties described in the
"Risk Factors" section of the Company's registration statement on Form
F-4 to be filed by the Company with the U.S. Securities and Exchange
Commission (the "SEC"), and other documents filed by the Company and/or
Legato from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only as of
the date they are made. Readers are cautioned not to put undue reliance
on forward-looking statements, and all forward-looking statements in
this press release are qualified by these cautionary statements. The
Company and Legato assume no obligation and do not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise, except to the extent required
by applicable law. Neither the Company nor Legato gives any assurance
that either the Company or Legato will achieve its expectations. The
inclusion of any statement in this press release does not constitute an
admission by the Company or Legato or any other person that the events
or circumstances described in such statement are material.
Additional Information and Where to Find It
In connection with the transaction, the Company intends to file a
registration statement on Form F-4 with the SEC that will include a
proxy statement of Legato and a prospectus of the Company. After the registration statement is declared effective, the definitive proxy statement/prospectus will be sent to all Legato shareholders as of a record date to be established for voting on the proposed transaction. Legato also will file other documents regarding the proposed transaction with the SEC. This press release does not contain all the information that should be considered concerning the proposed transactions and is not intended to form the basis of any investment decision or any other decision in respect of the transactions. Before making any voting or investment decision, investors and shareholders of Legato are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Legato through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Legato may be obtained by written request to Legato at Legato Merger Corp. III, 777 Third Avenue, 37th Floor, New York, NY 10017. Participants in the Solicitation Legato and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Legato's shareholders in connection with the proposed transaction. Information about Legato's directors and executive officers and their ownership of Legato's securities is set forth in Legato's filings with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents as described in the preceding paragraph. No Offer or Solicitation This press release shall not constitute a solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Legato, Einride or the combined company resulting from the proposed transaction, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. This press release is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction in where such distribution or use would be contrary to local law or regulation. Investor Center https://www.einride.tech/investors CONTACT: Investor & Media Contacts Einride Christina Zander Head of Communications Einride press@einride.tech Einride@icrinc.com Legato Merger Corp. III Eric Rosenfeld Chief SPAC Officer Legato Merger Corp. III ir@legatomerger.com This information was brought to you by Cision http://news.cision.com The following files are available for download: https://mb.cision.com/Main/22016/4265651/37781 Einride Deal Announcement 64.pdf https://mb.cision.com/Public/22016/4265651/b1b Einride Autonomous Vehicle 81d0527d673c9_org.jpg Public Road View original content:https://www.prnewswire.com/news-releases/einride-a-leading-digital-electric-and-autonomous-freight-technology-company-to-go-public-via-a-business-combination-with-legato-merger-corp-iii-at-a-1-8-billion-valuation-302612961.html SOURCE Einride
(END) Dow Jones Newswires
November 12, 2025 06:59 ET (11:59 GMT)
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