Nov 12 (Reuters) - Swedish autonomous trucking company

Einride said on Wednesday it has agreed to go public in the U.S.

through a merger with blank-check firm Legato Merger Corp III ( LEGT )

in a deal valuing the company at $1.8 billion.

The listing comes after a wave of electric vehicle startups

went public during the pandemic-era SPAC boom with the aim of

capitalizing on the huge demand for clean-energy vehicles and

government incentives for the purchase of battery-powered cars.

However, since then a number of trucking and vehicle tech

startups including Nikola, Lordstown Motors, and Proterra have

gone bankrupt due to competitive pressures, operational

challenges, rapid cash burn due to high production costs, and an

inability to achieve profitability.

Autonomous trucking firms are looking to automate shipping

and logistics amid heightened demand for quicker freight

deliveries as they seek to commercialize self-driving

technology, which faces sharp regulatory scrutiny.

With the listing, Einride is seeking up to $100 million of

private investment in public equity to accelerate its growth.

The deal is also bolstered by the $100 million it raised in

October from existing and new institutional investors.

Existing shareholders of Einride are expected to own around

83% of equity after the deal closes and the company's existing

management team will continue to lead the firm.

A SPAC is a shell firm that raises money through an IPO to

merge with a private business and take it public, providing a

quicker route to market than a traditional IPO.

Founded in 2016 and headquartered in Stockholm, Sweden,

Einride's business is based on self-driving technology for

freight trucks. The firm has over 25 enterprise customers

including GE Appliances and has a fleet of around 200 electric

vehicles.