Zenobē Secures CA$48M Financing to Boost 7Gen’s EV Leasing in Canada

Zenobē Secures CA$48 Million Financing to Boost 7Gen’s Electric Fleet in Canada

In a significant move to accelerate electric vehicle adoption in Canada, Zenobē, renowned for its expertise in EV charging and battery storage, has partnered with leasing firm 7Gen to finance over 500 commercial electric vehicles and their charging infrastructure.

Zenobē has committed to a substantial debt financing agreement with 7Gen, amounting to up to CA$48 million. This funding aims to enhance 7Gen’s vehicle-as-a-service electric truck leasing program across the Canadian landscape.

Offering a comprehensive suite of solutions, 7Gen aids fleet operators by providing vehicle leasing, EV charger deployment, energy management systems, and continuous operational support. This support extends to Canadian businesses utilizing electric trucks, vans, and school buses.

Following a successful equity raise of $1.6 billion from majority shareholders KKR and M&G Infracapital in 2023, Zenobē has expanded its global footprint, now supporting over 2,000 electric vehicles and 120 charging depots in regions including the UK, Europe, Australia, and New Zealand. Read more about Zenobē’s expansion.

Steven Meersman, Co-Founder and Director of Zenobē, remarked, “We’re bringing our innovative funding approach to Canada and specifically to 7Gen.” He emphasized the momentum of decarbonization driven by Canada’s supportive policies and the affordability of clean power, which lowers the overall cost of ownership for zero-emission vehicles.

Discussing the North American market at the ACT Expo in Anaheim, Meersman highlighted the strategic approach of Zenobē, stating, “The market is fairly littered with the graves of other UK EV companies that have tried to find a foothold here and failed, so we’re being very careful about our partners.”

Frans Tjallingii, CEO of 7Gen, expressed enthusiasm about the partnership, saying, “Zenobē’s debt financing supports 7Gen’s next growth step and allows us to help our customers step up the pace of their EV adoption and benefit immediately from operational cost savings.”

The rollout of Zenobē-funded electric trucks is set to commence in the coming weeks, with announcements of new partners and projects anticipated soon.

SOURCE | IMAGES: Zenobē.

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