Venture Capital: Tenet Energy Raises $30M Of Equity And Debt For EV Platform

“With TenetConnect’s smart charging technology, which optimizes charging based on utility rates and driving patterns, customers can expect to save up to $15 each time they charge at home.” – Alex Liegl, co-founder and CEO of Tenet.

Tenet Energy Inc., a climate fintech platform facilitating affordable electric vehicle (EV) ownership, has successfully concluded a funding round exceeding $30 million. This includes over $10 million from a Series A investment and a substantial $20 million warehouse debt facility. Led by venture capital firm Nyca Partners, the Series A funding will support the expansion of Tenet’s leading EV financing product and the scaling of TenetConnect, a new digital renewable energy platform aimed at reducing charging costs on EV owners’ utility bills.

The $20 million warehouse debt facility from Silicon Valley Bank will enable Tenet to sustain its capacity to fund EV loans for consumers and businesses. According to CEO Alex Liegl, Tenet’s mission is to make EV ownership more accessible, affordable, and rewarding. The recently launched TenetConnect offers technology features to enrolled customers at no additional cost, allowing them to connect their cars to Tenet’s smart charging service and potentially save an additional $40 per month on charging costs. The platform also provides insights into financial and carbon emission savings. (Businesswire)

Since its launch just over a year ago, Tenet has contributed to increased EV adoption, avoiding over 5,000 tons of estimated CO2 emissions annually. The company plans to extend its financing offerings beyond EVs, encompassing solar panels, home batteries, and other energy-efficiency products.

The strategic use of unique EV attributes, including government tax credits and residual value data, positions Tenet as a leader in the market, addressing the lack of customized financing options for electric vehicles.

The current funding round follows an initial seed funding in 2022, bringing Tenet’s total committed loan funding to over $100 million across various financing partners.

Related Story:  BP Ventures To Invest $200M In Green Energy Startups

Photo by myenergi on Unsplash

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