Einride to acquire Genesis Electronics (PINK: GEGI)

Stockholm, Sweden, 2023-Jul-21 — /EPR Network/ — Einride AB is to acquire Genesis Electronics Group (PINK: GEGI). Based in Stockholm, Einride AB is a Swedish transportation company that specializes in electric and self-driving vehicles, specifically remote-controlled electric trucks that operate without traditional driver cabs.

Founded in 2016 and still a private company, Einride has an estimated valuation of $3bn, which comes on the back of multiple lucrative deals struck in recent years. In October 2021, Einride signed an agreement with General Electric (GE) for first fleet of autonomous electric trucks, followed in March 2022 with an order from Maersk for 300 of its Class 8 trucks.

Genesis Electronics is based in Salt Lake City, where it is currently led by CEO Kevin Damoa. Domoa first joined the Genesis board in June 2022, before being appointed CEO in February of this year. Damoa is a highly experienced operator in the EV sector, having previously served as Flight Module Logistics Management at SpaceX, Integration Project Manager at Northrop Grumann, Vice President at Romeo Power Technology, Vice President at XOS Trucks, Logistics & Safety Director at Canoo, and VP of Operations at Serial 1 Cycle Company.

Einride’s pursuit of Genesis Electronics was motivated by the latter’s wholly-owned subsidiary, Glīd. Einride will now develop Glīd’s patent-pending Glīder technology. Glīders are autonomous road-to-rail shipping vehicles which enable fully-loaded semi-trailers access to rails, a technology that will integrate well with existing Einride units.

The deal was facilitated by Kasey Evans, who has connections to both Einride and Genesis. Evans is a Founding Partner of Lane VC, a venture capital and private equity firm which specialises in the mobility and EV sectors. Evans, though his company Lane VC, was an early investor in Einride. Most notably, Evans now serves as a Strategic Advisor to the Board of Genesis Electronics, which put him in an ideal position to lead acquisition talks between the two companies.

Shares in Genesis have seen positive movement in recent weeks as the connections between the two companies have become more apparent.