The money will be used to finance up to 500 new commercial electric vehicles and charging solutions across Canada

Canadian company 7Gen has secured $48 million in debt financing facility from Zenobē, a leader in fleet electrification and battery storage, to expand its commercial electric vehicle leasing platform and deploy EV infrastructure across Canada.

7Gen is an EV-as-a-Service provider, offering its customers all-in-one electric vehicle leasing, installation, charging, energy management and maintenance services. Its clients range from small businesses to large-scale logistics operators and school bus fleets.

The new funds will support the deployment of between 400 to 500 new commercial EVs bundled  together with charging infrastructure. It will also be used to refinance a portion of 7Gen’s existing fleet.

“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,” says Frans Tjallingii, CEO, 7Gen. “Zenobē’s team is well-aligned with ours and we are thrilled to partner to scale our impact in Canada together.”

What is Zenobē?

Zenobē is a UK-headquartered expert in electric fleet and battery storage solutions. The company has a growing North American presence, with a regional head office in Chicago; this is its initial foray into Canada.

The company provides end-to-end electrification solutions to both public and commercial fleet operators, including expertise in vehicle financing, charging infrastructure, and managed battery services.

In 2023, Zenobē secured $1.6 billion in equity from its joint majority shareholders KKR and M&G Infracapital to fuel its global expansion into EVs and grid-scale batteries. It already supports more than 2,000 EVs and has electrified over 120 depots across markets in the U.K., Europe, the U.S., Australia and New Zealand.

“We’re bringing our innovative funding approach to Canada and specifically to 7Gen,” says Steven Meersman, co-founder and director, Zenobē. “We see momentum behind decarbonization in Canada’s supportive government policies and the clean, affordable power that will ensure a lower total cost of ownership for zero-emissions vehicles.”

The $48 million investment provided to 7Gen marks the largest private debt financing for EVs in Canada to date.

“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,” adds Meersman.