Electric-Truck Startup Raises $110 Million to Fuel Expansion

(Bloomberg) --

Swedish electric-truck startup Einride AB has raised $110 million from investors including the venture capital arm of the world’s largest shipping company, A.P. Moller-Maersk A/S, to expand its logistics business in Europe and in the U.S.

In the latest financing round, Temasek, Soros Fund Management LLC, Northzone, Build Capital and Maersk Growth joined existing investors including network-equipment vendor Ericsson, EQT AB’s venture-capital unit, and Norrsken, started by Klarna AB founder Niklas Adalberth, Stockholm-based Einride said Thursday in a statement.

The Stockholm-based company launched the autonomous and cabless Einride Pod transport truck in 2017. Since then, it has developed its own logistics software platform and converted conventional diesel trucks from DAF Trucks NV to electric propulsion for customers including Oatly, Lidl and Electrolux.

Truckmakers including Daimler AG and Volvo Group are expanding their electric offerings and work on offering driverless rigs. Road haulage remains dominated by diesel trucks, but stricter regulation has prompted manufacturers to speed up development of alternatives.

While mass adoption of autonomous transport on public roads may be years away, Einride says its mobility platform is prepared for autonomous and electric road transport, allowing customers to use real-time information and data-driven insights to optimize logistics.

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