Windrose Electric is pursuing a U.S. SPAC deal by year-end to raise more than $200 million, funding expansion of its heavy-duty electric truck business across North America, Europe, South America and Asia.
The Belgium-based startup, founded in 2022 with much of its workforce in China, is trying to scale production and deliveries as it pushes its Global E700 long-haul truck into commercial freight fleets.
The E700 is priced at $285,000 and advertised with roughly 416 to 435 miles of range, but Windrose has deployed only 36 trucks globally and targets 1,000 deliveries across four regions by year-end.
U.S. expansion faces steep trade costs and entrenched rivals: Windrose said its first China-made truck imported into the U.S. incurred a 64% duty, while Tesla, Daimler Truck, Volvo Trucks and Peterbilt already compete in Class 8 electric trucks.
Earlier this year, Windrose delivered its first U.S.-bound E700 to Texas logistics firm Allogic and charging partner Greenspace E-Mobility through its American partner, marking an initial foothold in a market it now wants to scale.