Tenet raises $30m+ for ESG-driven growth of EV financing platform

Tenet Energy Inc. has revealed that it has closed a funding round of over $30m, as it looks to grow its industry-leading EV financing platform.

Tenet Energy Inc. has revealed that it has closed a funding round of over $30m, as it looks to grow its industry-leading EV financing platform.

The capital injection, which included a Series A investment of over $10m and a $20m warehouse debt facility, will also be used expand TenetConnect, its recently introduced digital platform for renewable energy that effectively lowers charging expenses on the utility bills of EV owners.

TenetConnect, the company’s innovative suite of technology features available to enrolled customers at no extra cost, enables users to significantly lower their EV charging costs, potentially saving an additional estimated $40 per month. Moreover, it provides insights for financial and carbon emission savings, enhancing the value proposition for EV owners.

The Series A was led by Nyca Partners and also featured additional investors such as Assurant Ventures and Giant Ventures, who actively participated in the round.

Silicon Valley Bank (SVB) provided the substantial $20m warehouse debt facility, with both funds heavily bolstering Tenet’s capability to fund EV loans for consumers and businesses.

Alex Liegl, co-founder and CEO of Tenet, spoke passionately on his firm’s goals, stating, “Our mission is to help our customers save money by electrifying their lives and serve as the financial fabric of the energy transition. Helping customers affordably purchase EVs is just the first step in our journey. With the support of partners like Nyca and SVB, we’re able to scale our unique platform in innovative new ways – like TenetConnect – to continue making EV ownership more accessible, affordable, and rewarding.

“Charging costs remain one of the most complex aspects of EV ownership. Electricity rates vary widely across states and utilities, with higher peak pricing that can impact charging expenses. For example, an EV owner in San Francisco charging from 5pm to 8am could pay around $37. But with TenetConnect’s smart charging technology, which optimises charging based on utility rates and driving patterns, customers can expect to save up to $15 each time they charge at home,” he continued.

Jeremy Solomon, Partner at Nyca Partners, said, “The lack of customised financing options for electric vehicles creates a roadblock for widespread adoption. Tenet’s EV-first approach makes it easier for drivers to go electric. Tenet packages tax incentives and EV-specific features to bring a comprehensive financing offering to the market. Transparent ownership costs combined with unique ownership data services makes Tenet a clear leader in the market.”

Brian Foley, Head of Warehouse Finance and FinTech Relationship Management at Silicon Valley Bank, added, “SVB is committed to building a robust portfolio of climate-forward clients. Tenet equips other financial institutions with scalable access to sustainable, economically attractive investments. Working with Tenet, our support therefore extends to sustainable economies nationwide.”

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.