7Gen secures record-breaking $48M in debt financing from Zenobē to electrify Canadian businesses with EVs. Largest private EV debt deal in Canada.
In a landmark deal for Canada’s electric vehicle (EV) sector, Montréal-based Seven Generation Capital (7Gen) has secured $48 million CAD in senior secured debt from Zenobē, a UK-based electric vehicle fleet and grid-scale battery storage company. This deal, touted as the largest private EV debt financing in Canadian history, aims to accelerate 7Gen’s growth in helping Canadian businesses electrify their fleets.
With this significant funding, 7Gen plans to finance up to 500 new electric vans, buses, and trucks, bundled with essential charging infrastructure, as part of their vision to offer EV-as-a-service to small and medium-sized businesses (SMBs), large corporations, and school bus operators across Canada and North America. The funds will also help refinance part of their existing fleet, streamlining the company’s ability to expand its operations.
Scaling Commercial EV Fleets Across Canada
Since its founding in 2020, 7Gen has emerged as a key player in simplifying the procurement and deployment of electric vehicles for businesses. Through their innovative EV leasing model, 7Gen bundles leasing, infrastructure, and software services into a single monthly bill, making it easier for companies to switch to electric.
CEO Frans Tjallingii pointed out that the new funding underscores the increasing acceptance and viability of commercial EV fleets as a scalable and financeable asset class. With this deal, 7Gen believes it is positioned at the forefront of the EV adoption trend in Canada, especially as demand for EVs and infrastructure continues to rise across the country.
Tjallingii also highlighted that 7Gen’s partnership with Zenobē reflects growing recognition of the EV sector’s potential, particularly as charging infrastructure becomes more robust and electric vehicle manufacturers mature. “Having senior debt available for this asset class brings it into a new phase,” he said, noting the reduced risk profile associated with the industry’s maturation.
A New Era for Canadian EVs
This $48 million financing round follows 7Gen’s rapid expansion, doubling its business size in 2024 despite capital constraints. The company, backed by Fonds FTQ, Siemens Financial Services, and Spring Lane Capital, has already made notable strides in the industry, securing high-profile clients such as DHL, FedEx, Fresh Prep, GoBolt, and Staples.
The deal also marks Zenobē’s first investment in Canada, reflecting the growing momentum behind decarbonization efforts in the country. Zenobē, which already supports over 2,000 EVs across regions such as the US, Europe, Australia, and New Zealand, sees the Canadian market as a key opportunity, citing the country’s supportive government policies and affordable clean power as contributing factors to the success of zero-emission vehicle adoption.
Steven Meersman, co-founder of Zenobē, expressed excitement about sharing Zenobē’s global experience in electrifying depots, which will now benefit 7Gen, its fleet customers, and the broader electric fleet market in Canada. “We look forward to bringing our experience to 7Gen and the Canadian market,” said Meersman.
Tapping into Artificial Intelligence for EV Optimization
In addition to the debt financing, 7Gen is gearing up for future expansion with its acquisition of EnergizedAI, a San Francisco-based company specializing in using artificial intelligence (AI) to reduce operating costs and improve the uptime of EV chargers. This acquisition will enhance 7Gen’s ability to optimize its charging infrastructure, providing a smoother, more efficient service for its customers.
Looking ahead, 7Gen is preparing for a larger Series B round in the second half of 2025. Despite global challenges such as the ongoing trade war and economic uncertainties, Tjallingii emphasized that the business case for shifting to EVs remains strong, with incentives and government support helping to mitigate potential barriers.
A Bright Future for Canada’s EV Landscape
With the $48 million CAD debt financing and strategic acquisitions in place, 7Gen is poised to accelerate Canada’s shift to electric vehicles, providing vital infrastructure and solutions that make EV adoption easier for businesses across the country.
Tjallingii also highlighted that 7Gen plans to continue playing a key role in Canada’s EV transformation, while pushing forward on global decarbonization efforts. For Canadian companies looking to electrify their fleets, 7Gen offers a scalable, affordable, and efficient pathway to a greener future.
As the demand for EV adoption continues to surge, 7Gen stands ready to take the lead in ensuring that Canadian businesses can leverage the opportunities provided by a sustainable, electric future.
Stay tuned to Maple News Wire as we continue to bring you the latest updates on Canada’s growing electric vehicle sector. From game-changing investments to innovative partnerships, we’ll keep you informed on how the nation is accelerating its journey towards a sustainable and electrified future.
