Swedish autonomos truck start up Einride raises $500 million more

Photo by Einride/Facebook.com

The company’s self-driving technology has attracted a lot of investors attention as freight trucks are deemed cheaper to manufacture compared to self-driving cars

The Swedish startup Einride on Wednesday, December 7, announced that the company has raised another of $500 million. According to a report in Reuters, the company said in a statement, “A $300 million debt facility was signed with Barclays Europe, while $200 million in equity came from new and existing investors, including EQT and Northzone, Einride”.  

The company meanwhile declined to state its actual worth, the report states, but added that over $90 million of investment came in the form of earlier debts that were converted into shares.  

“The time is now to act on not only developing but accelerating the implementation of technology that will create a cleaner, safer and more efficient way to move goods,” said Robert Falck, Einride’s founder and Chief Executive , according to a quote cited in the report.  

The company aims to bring electric self-driving freight truck to the market, a model that has attracted a lot of investment attention in recent years. The report said, one of the main reasons behind this, is the ease and cheaper costs to manufacturing electric truck in comparison to electric cars.  

This is due to less mapping required by self-driving trucks as they run on fixed routes. The routes freight trucks normally use, the reports adds, are mostly major highways without pedestrians or intersections.

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