EV-as-a-Service Leader 7Gen Closes $8-million Series A Funding Round
Financing led by FTQ and Siemens will enable 7Gen to scale up and get more zero-emission trucks and buses on Canadian roads sooner
VANCOUVER, BC, Canada, July 6, 2022 /PRNewswire-PRWeb/ -- 7 Generation Capital (7Gen) announced today the close of an $8-million Series A financing round that will accelerate the deployment of electric trucks and buses through the company's innovative EV-as-a-service model. The round was led by Quebec-based pension fund Fonds de solidarité FTQ and Siemens Financial Services, which both add significant strategic value and can help 7Gen expand.
Vancouver-based 7Gen helps medium- and heavy-duty fleets deploy electric vehicles (EVs) and chargers. Focused on supporting commercial fleet operators, 7Gen's advisory and leasing service integrates technology selection, planning, financing, software, installation, and maintenance. This allows their client fleets to focus on their core businesses while moving more easily, quickly, confidently, and profitably towards integrating zero-emission vehicles, from various OEMs, into their fleets. "7Gen's offerings make it much easier and more predictable for a fleet manager to go ahead with an EV deployment project, and this investment shows a lot of confidence in our approach as we scale up to serve the Canadian and American markets," said 7Gen CEO and Co-Founder Frans Tjallingii. "FTQ and Siemens are established, long-term strategic investors, and we are very proud to have them as partners on our journey."
FTQ has investments in more than 3,400 companies, and its partnership with 7Gen encompasses serving many of the fleets in its portfolio as they transition to electrification.
Siemens has a global presence and significant investments in the e-mobility space, which will help 7Gen navigate the evolving and growing EV industry. The partnership also provides insight and potential synergies in the charging infrastructure side of 7Gen's business, as well as the backing of a major multinational company to support scale.
"Transportation is a significant contributor to greenhouse gas emissions, so the shift to zero-emissions vehicles is essential for the sector to meet global net-zero targets," said FTQ Investment Manager Dany Sarazin-Sullivan. "At the same time, there is a promise of increased efficiency through the lower total costs of ownership of EVs compared to internal combustion engines. An integrator like 7Gen creates the right combination of advice and technologies to accelerate that transition. We look forward to supporting their expansion across Canada and within our portfolio of companies."
"This show of support from two top-tier investors affords 7Gen the type of capital to scale that we are working to provide to more home-grown firms here in Metro Vancouver," said David Flaks, President of Invest Vancouver, the region's economic development leadership service. "I know from my time witnessing the growth in the U.S. mobility market that smartly focused funding, combined with market access, can be game-changing."
According to Ifti Raissudin, Vice-President of Equity Investments at Siemens Financial Services, "this investment signals our belief in the future of vehicle electrification and the importance of knowledge and experience when electrifying commercial fleets. Siemens is investing in the next generation of transportation, and is excited to partner with a company like 7Gen to accelerate the deployment of charging infrastructure and zero-emission vehicles."
The complexity involved in electrifying fleets has created an urgent need for third-party simplification, 7Gen's Tjallingii said. "We work with our customers to think through feasibility and business continuity issues to get to a project that works. We are excited about this investment in our company because it will enable 7Gen to expand our vehicle and charger offerings, improve our financing capabilities, and develop our software platform to facilitate project development and ongoing decision-making with our customer fleets."
About 7 Generation Capital (7Gen)
7Gen is an electric vehicle (EV) and charging infrastructure leasing company, focused on working with medium and heavy-duty fleets. 7Gen aims to make EV integration easier as an obvious alternative to current internal combustion engine equivalents. It provides turnkey EV-as-a-service fleet electrification execution support, financing, and software for fleet managers, marine terminals and airports that want to join the EV revolution. To learn more, visit 7gen.com.
About Siemens Financial Services (SFS)
The B2B financing arm of Siemens provides financing that makes a difference. At SFS, we empower customers around the globe to access technology with purpose and increase their competitiveness. Based on our unique combination of financial expertise, risk management, and industry know-how we provide tailored financing solutions – including flexible leasing and working capital products, project-related and structured financing, corporate lending, equity investments, finance advisory, as well as trade and receivables financing. With highly experienced and passionate teams in 20+ countries, SFS paves the way for industrial productivity, smart infrastructure, and sustainable mobility, facilitating the energy transition and enabling high-quality healthcare. Supporting the Siemens DEGREE framework, SFS is one of the leading providers in financing greenfield renewable projects. http://www.siemens.com/finance.
About Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channelling the savings of its 748,371 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centred world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.4 billion in net assets as of May 31, 2022, the Fonds has supported 3,620 partner companies and 296,927 jobs. See fondftq.ca
MEDIA CONTACTS
English Kathleen Reid, Switchboard Public Relations
[email protected] / 604-724-1242
French Bertrand Legret, TACT Conseil
[email protected] / 514 804-2481
BUSINESS CONTACT
Shayna Rector Bleeker, Cofounder & VP Strategic Partnerships, 7Gen
[email protected] / 604-355-8693
Media Contact
Kathleen Reid, Switchboard Public Relations, 1 604-724-1242, [email protected]
SOURCE 7GEN
Share this article