Tenet Secures Warehouse Facility with Funding from Silicon Valley Bank
OCT 28, 2022 - 7:19 am
Tenet, an electric vehicle financing platform, secured an electric vehicle only warehouse facility by entering into a warehouse financing agreement of up to $20 million with Silicon Valley Bank to fund Tenet’s electric vehicle loans.
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,” Alex Liegl, co-founder and CEO of Tenet, said. “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.”
SVB’s 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,” Nick Christian, head of specialty financing for SVB, said. “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.”
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