Einride signs $300 million asset-backed facility

By William Gullotti

Buffalo, N.Y., Dec. 7 – Einride AB signed a $300 million asset-backed debt facility via Barclays Europe, according to a press release on Wednesday.

The multicurrency facility, which will make the first $150 million available in January 2023, is the largest asset-backed facility in heavy-duty electric transport to date.

“This landmark debt facility represents a key milestone in the financing of heavy-duty electric vehicles,” said Gordon Beck, director of securitized products solutions at Barclays, in the release.

Proceeds from the facility will be used to provide long-term funding for the company’s current and future electric heavy-duty vehicle fleets.

Further details about the facility, such as those regarding the availability of the remaining $150 million of the facility, tenor and interest rate, were not included in the press release.

Einride is a Stockholm-based designer and developer of freight mobility systems and is the first company in the world to deploy an autonomous, electric vehicle on a public road.

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