Tenet Closes $20M Warehouse Facility from Silicon Valley Bank
Tenet, the leading EV financing platform, announced that the company has secured the first-ever EV only warehouse facility to make EVs more affordable. Tenet has entered into a warehouse financing agreement of up to $20 million with Silicon Valley Bank to fund Tenet’s EV loans. Tenet has redefined the financing model for EVs, helping consumers connect to ESG capital markets to save hundreds of dollars each month on their EV payments.
It has been estimated that by 2025, 25% of all nationwide car sales will be EVs, with the number increasing to 50% by 2030. This year, California approved the Advanced Clean Cars II rule, building the road to a zero-emission future. The rule states that by 2035, 100% of new cars and light trucks sold in California must be zero-emission vehicles. This sustainable financing facility by SVB empowers Tenet to lead the charge in ESG financing by lowering the cost of ownership for EVs and sustainable home electrification.
“We’re thrilled to work with the Silicon Valley Bank team because this is an industry-first,” said Alex Liegl, co-founder and CEO of Tenet. “Our partnership reinforces Tenet’s mission to become the all-in-one ESG financing platform by building financial technology to combat climate change. They have been great collaborators through this process and can help us scale with the potential to significantly upsize the facility over time. We are ready to tackle the issue of EV affordability from coast to coast together with the SVB team.”
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SVB’s team of finance investors has a great history working with credit lines and loans for companies across multiple sectors – including the finance industry. Their proven track record and expertise in the sector for providing warehouse facilities will assist Tenet in allowing consumers to purchase or refinance their EV.
“Silicon Valley Bank is committed to supporting the climate technology and sustainability economy. Working with companies like Tenet, who are at the forefront of helping consumers fight climate change, is a top priority for us,” said Nick Christian, Head of Specialty Financing for Silicon Valley Bank. “We are proud to support Tenet ‘s growth as they continue to redefine the financing model for EVs and make the switch to driving electric more affordable.”
Source: Tenet