Zenobē expands its North American fleet financing platform with CA$48M debt financing for Canada's 7Gen
- Funding enables Canadian EV-as-a-Service startup 7Gen to finance as many as 500 electric vans, buses and trucks, including charging infrastructure, and refinance some of its current fleet
- CA$48M is the largest private EV debt financing in Canada and demonstrates Zenobē's confidence in commercial EVs as an asset class
- Montreal-based 7Gen provides turnkey vehicle leasing and infrastructure solutions for commercial fleets across Canada
LONDON and MONTREAL, April 22, 2025 /CNW/ -- Zenobē, a fleet electrification and battery storage specialist, is providing a facility of CA$48 million in debt financing to 7Gen, Canada's leading EV-as-a Service provider, to scale its commercial EV leasing platform and deploy electric vehicle infrastructure across the country.
Founded in 2020, 7Gen supports fleet operators with a comprehensive solution that includes fleet assessments, vehicle leasing and financing, charger deployment, energy management and operational support. The company provides its comprehensive fleet electrification solutions, ranging from electric vans and trucks to school buses, to small and medium businesses, school bus operators, and large corporations across North America. The company has built a strong presence in Canada's leading electrification markets, carving out a clear niche that aligns with Zenobē's expertise in heavy-duty fleet electrification and flexible financing strategies.
7Gen will apply the proceeds to finance between 400 to 500 new commercial electric vehicles bundled with charging solutions, while refinancing a portion of its current fleet. This will significantly grow 7Gen's fleet and help accelerate the adoption of zero-emission trucks across Canada. The CA$48 million facility is the largest private debt financing for electric vehicles in the country and recognizes commercial electric fleets as a scalable and financeable asset class.
Founded in 2017, Zenobē has helped transform the public transport sector by introducing large-scale fleet electrification backed by innovative debt financing and residual value data. Today, it supports over 2,000 electric vehicles in the United States, Europe, Australia, New Zealand and the U.K. Zenobē provides end-to-end electrification solutions to public and commercial fleet operators, including the provision and financing of electric vehicles, charging infrastructure and a battery managed service.
Steven Meersman, Co-Founder and Director, Zenobē, said: "We're bringing our innovative funding approach to Canada and specifically to 7Gen. We see momentum behind decarbonisation in Canada's supportive government policies and the clean, affordable power that will ensure a lower total cost of ownership for zero-emissions vehicles. 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."
Frans Tjallingii, CEO, 7Gen, said: "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. Zenobē's team is well aligned with ours and we are thrilled to partner to scale our impact in Canada together."
Zenobē's joint majority shareholders are KKR and M&G Infracapital, who provided £870 million (CA$1.6 billion) of equity in 2023 for global investment into electric vehicles and grid-scale batteries.
About Zenobē Energy Ltd. (Zenobē):
Zenobē is an EV fleet and grid-scale battery storage specialist, headquartered in the UK. The company began operations in 2017 and now employs >300 FTEs with a wide range of leading skills including electrical engineering, software development, computer sciences and financing.
Zenobē is the leading owner and operator of grid-scale batteries on the Great Britain transmission network and is expanding into Australasia and North America. Zenobē has 1135MW of battery storage assets in operation or under construction.
Zenobē has around 25% market share of the UK EV bus sector and supports over 2,000 electric vehicles across 120 depots globally. The company is the largest owner and operator of EV buses in the UK, Australia and New Zealand.
Zenobē's North American headquarters are in Chicago with a subsidiary office in New York and it is actively hiring in Canada and the U.S.
For more information, please visit zenobe.com or follow on LinkedIn.
About Seven Generation Capital (7Gen)
7Gen is a leading Canadian electric vehicle (EV) and charging infrastructure leasing company, helping commercial fleets integrate zero-emission solutions as a viable alternative to internal combustion engines. 7Gen's EV-as-a-service platform includes vehicle leasing, infrastructure deployment, energy optimization and fleet software. The company supports SMBs, delivery fleets, school bus operators, and large corporations positioned to gain immediate benefits in their transition from ICE to EV fleets. 7Gen is headquartered in Montreal (QC), with employees located throughout Canada, as well as the west and east coast of the United States.
To learn more, visit 7gen.com or follow on LinkedIn.
SOURCE Zenobē North America
Press: [email protected] | 7Gen: [email protected]
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