Einride acquiring Flipturn for $38.4M, expanding EV charging network
Deal will more than double Einride's charging capacity, strengthen fleet management platform
Einride, an end-to-end provider of autonomous and EV freight solutions, is set to acquire EV charging software provider Flipturn in a stock transaction valued at $38.4 million.
The acquisition will add more than 250 megawatts of charging capacity to Einride’s platform, more than doubling the company’s energy capacity across North America, according to an Einride release today. Flipturn’s customer base includes major truckload, autonomous and last-mile delivery fleets.
The deal will strengthen Einride’s AI-powered fleet management platform, Saga, which has supported more than 19 million electric miles globally by optimizing fleet operations and energy use. Flipturn’s software uses AI to predict charging needs, optimize power delivery, manage chargers, process driver access and payments, and reduce electricity costs through energy management.
The combined platform is expected to help fleets lower charging costs while giving Einride greater purchasing power when accessing third-party charging networks, according to the release.
Under the agreement, Flipturn shareholders will receive American depositary shares from Stockholm-based Einride, with the final number based on its volume-weighted average share price between June 10 and shortly before closing. As of July 20, that average price was about $10 per share. Flipturn shareholders may also receive additional shares if certain performance milestones are met.
The transaction is expected to close in July, subject to customary closing conditions and regulatory approvals.
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