The world's first fully autonomous and electric road freight transportation solution, digitizing and electrifying customer fleets towards fully autonomous logistics solutions.
Einride was founded in 2016 by Linnéa Kornehed Falck, Deputy CEO & Board Member, Robert Falck, CEO, and Filip Lilja, in Stockholm, Sweden. The Company was designed and built to be the winner in the technology shift for the $4.6T freight industry as it transitions from diesel, analog and manual based freight to AI-powered, digital, electric and autonomous freight.
Einride has developed a market-leading electric and autonomous freight transport platform that enables AI-driven transformation of customer operations creating greater efficiencies and reducing costs and carbon emissions. Select global customers already signed by Einride include Maersk, General Electric, DP World and PepsiCo.
The freight transport service market has yet to be modernized, remaining mostly unchanged since the 1960s. Obsolete and constrained business models with low margins and efficiencies have led to low vehicle utilization and low fill rate in the system. The industry is also a major contributor to global emissions, contributing about 7-8% of global CO2 emissions. These issues are compounded by an aging workforce that is struggling to attract new workers, with a shortage of 50,000 drivers in the U.S. alone. These factors have created a market ripe for disruption, and laid the foundation for Einride’s success.
* Massive Freight Trucking Market: Einride is a market leading provider for the transition towards electric and autonomous electric freight trucking. The massive global $4T trucking market is ripe for disruption due to shifting environmental and emission standards, and Einride has already captured 10% of the market in the US and Europe.
* Innovative Business Model: A Freight-Capacity-as-a-Service offering allows Einride to provide customers a high-level electrification assessment across their full operation, resulting in a data-driven implementation strategy that gives them a live view of operations, including efficiency metrics and insights, emission reduction tracking, and cost-saving opportunities.
* Efficiency Through Technology: Through 4 years of live commercial contracts, Einride has proven that its electric and autonomous freight transport platform creates greater efficiencies in customer operations. Through ingesting customer data, Einride's Saga software platform allows for a 30% increase in the number of pallets transported by truck per day, 63% decrease in charging costs due to timing optimization, and a 20% reduction in labor costs.
* Proven Customer Demand: Since going live in 2020, Einride has grown its sales pipeline with both new and existing customers. Existing signed contracts account for over 700 trucks and $167M in contracted ARR, but full capacity with these customers account for over 20,000 trucks. The total value of customers at the Joint Business Plan stage of Einride's sales cycle, which included initial planning and scope of deployment, represents potential for $952M in ARR.
* Strong and Prestigious Investor Group: Einride has attracted a deep-pocketed and diverse group of investors since Plum Alley's initial investment in 2018, including notable investors in EQT Ventures (€50B+ in AUM), Capital Group ($2.6T in AUM), AMF (Swedish Pension Plan, $70B+ in AUM) and Temasek ($288B AUM), and strategic partners including Maersk ($155B market cap). These investors have provided critical support to the Company, and are investing in the current Note offering.
Einride has closed over $40M of the $50M Convertible Note that will convert into Series C Pref shares. Notable participants include existing investors EQT Ventures and Capital Group, and Daimler as a new investor. The terms of the note include:
PIK (Paid-in-Kind) - While we will share more details on the Founder Discussion call, as a highlight, the PIK interest acts as an attractive incentive for participants in this note, giving their investment a double ownership upon conversion. More information on the terms of the Note including conversion scenarios will be shared in the Founder Discussion call on Oct 22nd. Please RSVP here.
The global road freight market accounts for $4.6T of business. This massive market has been devoid of innovation for decades, with significant inefficiencies that create a massive opportunity for new technologies to create outsized impact. Einride estimates that 50% of current road freight operations can be electrified, a substantial market opportunity for the Company.
Current pain points in the industry include:
The regulatory environment also provides a substantial driver for customer adoption. The EU targets net zero emissions by 2050, with emission reduction targets of 55% by 2030 and 90% by 2040. The UAE, a rapidly growing market for Einride, has the same net zero target by 2050. In the US, state-by-state emission reduction targets provides Einride with clear market opportunities, including in California (combustion engine ban beginning 2035) where the Company is already deployed.
Market Traction
Einride is currently contracted with and servicing major global customers like Maersk, General Electric, Mars, DP World, Ikea, Rewe, PepsiCo, Kaufland, Carlsberg, Electrolux, Starbucks, Oatly, and many others. Through some of the largest partnerships in the world with leading electric truck makers including Peterbilt, BYD, and Scania, Einride has proven capacity to service the Company's near term customer pipeline accounts for $4.5B in Joint Business Plan agreements, with $165M+ in contracted ARR.
Turning Vision into Reality - Live with Customers in 6 Markets
In live commercial operations since 2020, Einride has completed 190k+ shipments, covered 6.8M+ miles via electric freight trucks, saved 11k tons of CO2 emissions, all with a shipment accuracy of more than 99%. This success has resulted in 70% of customers expanding deployments with Einride within the first year of operations, and a market share CAGR of 205% between 2021 and 2023. This growth rate has allowed Einride to claim 7.5-15% of the total electric freight transport market in the US and EMEA regions.
Einride is trusted by the world's biggest companies
Einride has also obtained a valuable market position by securing contracts with global customers with massive global need. Through expansion with solely existing customers, Einride has capacity to grow deployments to over 20,000 trucks.
More information on Einride's market traction and financials can be found in the Company Data Room, available above.
Einride enables sustainable freight by providing a turnkey solution via multi-year contracts. The Company's Freight-Capacity-as-a-Service offering allows customers to begin operations as soon as possible, and bring greater capacity online as the contract progresses.
Einride's novel business model brings together all parts of the freight ecosystem for a fast, reliable and scalable switch to clean freight.
Competitive Landscape
Full-scale market capture requires a complete offering. Einride has differentiated itself from key competitors in the industry through a number of key business efforts, but most importantly by combining electric and autonomous operations under one scalable tech platform that enables a gradual transition over time in the most cost-efficient manner.
More information on Einride's product offering can be found in the Company Data Room, available above.
Einride allows customers to begin realizing an ROI from Day 1. Einrideʼs proprietary technology enables deployment and operations of an efficient ecosystem, making electric cost-efficient for freight transportation at scale. By using unique proprietary technology and leveraging its patents portfolio, Einride enables electric freight transportation by controlling, modeling and optimizing battery electric fleets. Making electric the most cost-efficient way to transport goods. By partnering with multiple world-leading OEMs, the Company mitigates risks as a result of limited dependency on a selected few suppliers, and allows Einride to offer customers the best available hardware on the market and powers real-time visibility of shipments via OEM-integrated telematics connections. The Company's careful development of strategically-located and digitally enabled charging infrastructure creates further efficiencies across multiple customer operations in the region. Building out strategically located charging infrastructure at public Smartcharger stations and private on-site infrastructure enables a smooth switch to electric and creates a first mover advantage for Einride.
The Einride software platform, Saga, is an advanced AI-powered source of competitive advantage that powers all deployments and operations.
More information on Einride's proprietary tech stack can be found in the Company Data Room, available above.
The global freight transport market is a major source of global emissions, accounting for 7-8% of global CO2 emissions. Without substantial efforts to find sustainable solutions, this total will continue to grow in lock-step with the rapidly-expanding freight transport industry. With rising fossil fuel costs, transport costs are increasing by 2-3% YoY for shippers in operation today.
Through Einride’s Freight Mobility Platform, customers can access electric and autonomous transport, capable of transforming their freight fleets into sustainable and cost-competitive programs. Einride’s electric trucks enable reductions of CO2 emissions of 90%, while decreasing operational costs by 60% and tripling vehicle utilization.
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