Zenobē, a fleet electrification and battery storage specialist, is providing a facility of CA$48 million in debt financing to 7Gen, Canada’s leading EV-as-a Service provider, to scale its commercial EV leasing platform and deploy electric vehicle infrastructure across the country.
Founded in 2020, 7Gen supports fleet operators with a comprehensive solution that includes fleet assessments, vehicle leasing and financing, charger deployment, energy management and operational support. The company provides its comprehensive fleet electrification solutions, ranging from electric vans and trucks to school buses, to small and medium businesses, school bus operators, and large corporations across North America. The company has built a strong presence in Canada’s leading electrification markets, carving out a clear niche that aligns with Zenobē’s expertise in heavy-duty fleet electrification and flexible financing strategies.
7Gen will apply the proceeds to finance between 400 to 500 new commercial electric vehicles bundled with charging solutions, while refinancing a portion of its current fleet. This will significantly grow 7Gen’s fleet and help accelerate the adoption of zero-emission trucks across Canada. The CA$48 million facility is the largest private debt financing for electric vehicles in the country and recognizes commercial electric fleets as a scalable and financeable asset class.
Founded in 2017, Zenobē has helped transform the public transport sector by introducing large-scale fleet electrification backed by innovative debt financing and residual value data. Today, it supports over 2,000 electric vehicles in the United States, Europe, Australia, New Zealand and the U.K. Zenobē provides end-to-end electrification solutions to public and commercial fleet operators, including the provision and financing of electric vehicles, charging infrastructure and a battery managed service.
Steven Meersman, Co-Founder and Director, Zenobē, said: “We’re bringing our innovative funding approach to Canada and specifically to 7Gen. We see momentum behind decarbonisation in Canada’s supportive government policies and the clean, affordable power that will ensure a lower total cost of ownership for zero-emissions vehicles. We look forward to sharing our global experience electrifying over 120 depots to benefit 7Gen, its fleet customers and the wider electric fleet market in Canada.”
Frans Tjallingii, CEO, 7Gen, said: “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. Zenobē’s team is well aligned with ours and we are thrilled to partner to scale our impact in Canada together.”
Zenobē’s joint majority shareholders are KKR and M&G Infracapital, who provided £870 million (CA$1.6 billion) of equity in 2023 for global investment into electric vehicles and grid-scale batteries.
SOURCE: Zenobē
