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Swedish electric and autonomous transportation company Einride has agreed to acquire electric vehicle charging startup Flipturn All stock deal Worth $38 million.
The acquisition – Einride’s first as a publicly traded company – will expand the EV charging ecosystem as it scales its electric trucking business. The deal is expected to close this month. A company spokesperson confirmed that Flipturn, which employs 17 people, will continue to operate with the same team.
Flipturn, founded in 2022, has raised $15.5 million in venture capital to build an EV charging software platform that can communicate with any EV charger via the Open Charge Point Protocol, the industry standard for communication between EV chargers and management systems. The software monitors the health of charging infrastructure, pulls data such as vehicle battery levels, driving history, and routes to help companies better manage charging, and integrates with on-site solar and energy storage systems.
“The acquisition is a decisive step in our expansion strategy in the United States,” said Rosbet Charlie, CEO of Einride. The deal will also make Einride a more vertically integrated company, allowing it to provide customers not only with electric trucks but also with the charging software needed to operate them more efficiently and reliably.
This is an attractive and potentially impactful proposition for future customers who want to add large electric rigs to their fleets, but may be apprehensive about doing so.
Einride is perhaps best known for its unusual-looking, pod-like self-driving trucks. But the biggest driver of its revenue is its fleet of 200 heavy-duty electric trucks, which it operates for companies such as Heineken, PepsiCo and Sweden’s Carlsberg in Europe, North America and the UAE.
The company, which merged with the blank check company and debuted on the Nasdaq in June, recently fell Amazon as a customer. Amazon doesn’t buy Ainred trucks; Instead, Einride owns and operates the trucks — through its Saga AI software — which can be used by drivers in Amazon’s Relay shipping network. Relay, which launched in 2017, is an app that truck drivers use to book transportation services with Amazon.
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