Einride acquires EV charging startup Flipturn for $38M

Swedish electric and autonomous trucking company Einride has agreed to acquire EV charging startup Flipturn in an all-stock deal valued at $38 million. This marks Einride's first acquisition since becoming a publicly traded company and is expected to close this month. Flipturn, founded in 2022, employs 17 people and operates an EV charging software platform that communicates with any charger using the Open Charge Point Protocol. The software monitors charging infrastructure health and integrates vehicle data to optimize charging management, also connecting with solar and energy storage systems.

Einride CEO Roozbeh Charli stated the acquisition is a significant step in the company's U.S. scaling strategy, enhancing its vertical integration by enabling it to offer both electric trucks and the necessary charging software. This move is positioned as an attractive proposition for potential customers hesitant about adopting electric big rigs. While Einride is known for its cabless autonomous trucks, its primary revenue comes from its fleet of 200 heavy-duty electric trucks operated for clients such as Heineken, PepsiCo, and Carlsberg Sweden across various regions. The company, which listed on Nasdaq in June, recently secured Amazon as a client for its truck management services through its Saga AI software within Amazon's Relay freight network.