Einride acquires EV charging software firm Flipturn in $38 million all-stock deal
The transaction, expected to close this month, brings Flipturn’s 17-person team and Open Charge Point Protocol-compliant software under Einride’s umbrella to support its growing fleet operations.
Swedish electric and autonomous trucking company Einride has agreed to acquire EV charging software startup Flipturn in an all-stock deal valued at $38 million. The transaction marks Einride’s first acquisition since becoming a publicly traded entity following its merger with a special purpose acquisition company in June. The deal is expected to close this month, with Flipturn’s 17-person team continuing to operate under its existing leadership.
Founded in 2022, Flipturn had previously raised $15.5 million in venture capital to develop its software platform. The technology utilises the Open Charge Point Protocol, the industry standard for communication between EV chargers and management systems, allowing it to interface with any EV charger. The platform monitors charging infrastructure health, integrates vehicle data such as battery levels and driving history, and connects with on-site solar and energy storage systems.
Einride’s chief executive, Roozbeh Charli, described the acquisition as a “decisive step in our U.S. scaling strategy.” The move is designed to expand Einride’s EV charging ecosystem and enhance vertical integration. By offering charging software alongside its electric trucks, the company aims to improve efficiency and reliability for fleet operators, addressing potential apprehension among customers considering the adoption of electric big rigs.
While Einride is widely recognised for its cabless, autonomous pod-like trucks, its primary revenue driver is a fleet of 200 heavy-duty electric trucks. These vehicles are currently operated for major clients including Heineken, PepsiCo, and Carlsberg Sweden across Europe, North America, and the United Arab Emirates. The company manages this fleet using its proprietary Saga AI software.
The acquisition follows Einride’s debut on the Nasdaq in June and comes shortly after the company secured Amazon as a customer. Amazon is not purchasing trucks directly; instead, it utilises Einride’s owned and managed fleet through its Relay freight network app. Relay, launched in 2017, is a platform that allows truck drivers to book hauling gigs with Amazon, integrating Einride’s logistics capabilities into the broader e-commerce supply chain.
