Monday, July 15, 2024

Tenet Secures Over $30M in Funding for EV Financing and Renewable Energy Platform Expansion

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Tenet announced the successful conclusion of a funding round exceeding $30 million, comprising over $10 million in Series A investment and a $20 million warehouse debt facility.

Nyca Partners, a venture capital firm, led the Series A funding round, which aims to facilitate the expansion of Tenet’s electric vehicle (EV) financing product. The funds will also be utilized to scale TenetConnect, the company’s recently launched digital renewable energy platform designed to reduce EV charging costs on owners’ utility bills. Assurant Ventures and Giant Ventures, alongside new and existing investors, participated in the Series A funding. Silicon Valley Bank provided a $20 million warehouse debt facility, supporting Tenet’s ongoing capacity to fund EV loans for both consumers and businesses.

Tenet, co-founded and led by Alex Liegl, expresses its mission to assist customers in saving money by electrifying their lives and contributing to the financial aspects of the energy transition. Liegl emphasizes that making EVs more accessible and affordable is the initial step in their journey. With the backing of partners such as Nyca and SVB, Tenet aims to scale its unique platform, including the innovative TenetConnect, to continue making EV ownership more accessible, affordable, and rewarding.

TenetConnect, currently available, offers a suite of technology features embedded in every Tenet customer’s account at no additional cost. Enrolled customers can link their cars to Tenet’s smart charging service, potentially reducing EV charging costs by an estimated additional $40 per month. The platform also provides insights into financial and carbon emission savings.

Liegl notes that charging costs are a complex aspect of EV ownership, with variations in electricity rates across states and utilities impacting expenses. TenetConnect’s smart charging technology, optimizing charging based on utility rates and driving patterns, is expected to help customers save up to $15 each time they charge at home.

Since its launch just over a year ago, Tenet has played a role in increasing EV adoption, avoiding over 5,000 tons of estimated CO2 emissions annually. The company serves thousands of EV owners nationwide, offering a straightforward and affordable way to finance all aspects of EV ownership. Tenet plans to extend its services to include financing for solar panels, home batteries, and other energy-efficient products, creating an all-in-one platform for home electrification.

Jeremy Solomon, Partner at Nyca Partners, commends Tenet’s EV-first approach, making it easier for drivers to transition to electric vehicles. Solomon highlights Tenet’s comprehensive financing offering, combining tax incentives and EV-specific features, positioning the company as a clear leader in the market.

Brian Foley, Head of Warehouse Finance and Fintech Relationship Management at Silicon Valley Bank, expresses the bank’s commitment to building a robust portfolio of climate-forward clients. Foley notes that Tenet’s collaboration extends support to sustainable economies nationwide.

This latest investment round follows an initial seed funding announced in 2022, led by Giant Ventures and Human Capital, with participation from Breyer Capital, Firstminute Capital, Global Founders Capital, and prominent angel investors. To date, Tenet has raised over $100 million in committed loan funding across loan sale and warehouse financing partners.

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