7 Generational Capital Closes $8MM Funding Round to Support EV-as-a-Service Offering

7 Generation Capital closed an $8 million Series A financing round that will accelerate the deployment of electric trucks and buses through the company’s electric vehicles-as-a-service model. Quebec-based pension fund Fonds de solidarité FTQ and Siemens Financial Services led the financing round.

Based in Vancouver, 7 Generation Capital helps medium-and heavy-duty fleets deploy electric vehicles and chargers. Focused on supporting commercial fleet operators, 7Gen’s advisory and leasing service integrates technology selection, planning, financing, software, installation and maintenance.

“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,” Frans Tjallingii, CEO and co-founder of 7 Generation Capital, said. “FTQ and Siemens are established, long-term strategic investors, and we are very proud to have them as partners on our journey.”

“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,” Dany Sarazin-Sullivan, investment manager for FTQ, said. “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,” David Flaks, president of Invest Vancouver, said. “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.”

“This investment signals our belief in the future of vehicle electrification and the importance of knowledge and experience when electrifying commercial fleets,” Ifti Raissudin, vice president of equity investments at Siemens Financial Services, said. “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.”

“We work with our customers to think through feasibility and business continuity issues to get to a project that works,” Tjallingii said. “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.”

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