Swedish autonomous trucking company Einride is set to go public in the U.S. through a merger with Legato Merger Corp III, valuing the company at $1.8 billion. This move follows a trend of electric vehicle startups going public to meet the demand for clean-energy vehicles. Several trucking startups faced bankruptcy due to challenges like high production costs and competition.

Autonomous trucking firms aim to automate shipping to meet the demand for quicker freight deliveries. Einride seeks up to $100 million in private investment to accelerate growth, in addition to the $100 million raised in October. Existing shareholders will own around 83% of equity, with the current management team staying in place.

Einride’s listing involves a SPAC, a shell firm that raises funds through an IPO to merge with a private business. Founded in 2016 in Stockholm, Sweden, Einride specializes in self-driving technology for freight trucks. The company serves over 25 enterprise customers, including GE Appliances, and operates a fleet of around 200 electric vehicles.

Read more at Yahoo Finance: Self-driving truck firm Einride to go public via SPAC deal at $1.8 billion valuation