Swedish autonomous truck company Einride announced on Wednesday that it has agreed to go public in the U.S. through a merger with blank-check company Legato Merger Corp III, valuing the firm at $1.8 billion.

The deal follows a wave of electric vehicle (EV) startups that went public via SPAC mergers during the pandemic, aiming to capitalize on surging demand for clean-energy vehicles and government incentives for EV adoption.

However, since then, several truck and automotive tech startups—including Nikola, Lordstown Motors, and Proterra—have filed for bankruptcy due to intense competition, operational challenges, high production costs leading to rapid cash burn, and an inability to achieve profitability.

Despite strict regulatory scrutiny of autonomous technology, Einride and other self-driving truck firms continue pushing for commercialization while automating freight and logistics processes amid growing demand for efficient cargo delivery.

Through the listing, Einride plans to raise up to $100 million via a private investment in public equity (PIPE) to accelerate growth. In October, the company secured $100 million from existing and new institutional investors, providing additional backing for the deal.

Post-merger, Einride’s existing shareholders are expected to retain roughly 83% ownership, with the current management team continuing to lead operations.

A SPAC is a shell company that raises capital through an IPO and later merges with a private firm to take it public, offering a faster route to listing than traditional IPOs.

Founded in 2016 and headquartered in Stockholm, Einride specializes in autonomous freight truck technology. It serves over 25 corporate clients, including GE Appliances, and operates a fleet of around 200 electric vehicles.