Canada’s 7Gen Lands $48M in Debt Backing from UK-Based Zenobē

7Gen, a trailblazer in the EV-as-a-Service space, has secured $48 million in debt financing from Zenobē, the UK-based leader in fleet electrification and battery storage. This capital injection will help the Canadian company expand its commercial electric vehicle (EV) leasing platform and roll out EV infrastructure nationwide.

7Gen is reshaping the future of commercial transportation with its comprehensive offering, which combines electric vehicle (EV) leasing, charging solutions, energy management, and maintenance services. Whether it’s small businesses, logistics giants, or school bus fleets, 7Gen is powering the shift to cleaner, more sustainable transport for a wide variety of clients.

With this new funding, 7Gen plans to deploy 400 to 500 new commercial EVs bundled with state-of-the-art charging infrastructure. The capital will also be used to refinance a significant portion of its fleet. This marks a pivotal moment in 7Gen’s mission to revolutionize Canada’s EV landscape.

So, what exactly is Zenobē?

Zenobē, headquartered in the United Kingdom, is a global leader in fleet electrification and battery storage. The company has rapidly expanded its North American footprint, with a regional hub in Chicago, marking its first significant move into Canada. Zenobē offers a comprehensive suite of services, from vehicle financing and charging infrastructure to managed battery solutions, catering to public and commercial fleet operators.

The company’s momentum is undeniable. In 2023, Zenobē raised $1.6 billion in equity funding, fueled by KKR and M&G Infracapital, to further its global expansion into EVs and grid-scale batteries. With over 2,000 EVs in operation and over 120 depots electrified across the UK, Europe, the US, Australia, and New Zealand, Zenobē is positioning itself as a key player in the global shift to cleaner, smarter mobility solutions.

“We’re bringing our innovative funding approach to Canada and specifically to 7Gen,” says Steven Meersman, co-founder and director of Zenobē. “We see momentum behind decarbonization in Canada’s supportive government policies and the clean, affordable power that will ensure a lower total cost of ownership for zero-emission vehicles.”

The $48 million investment provided to 7Gen is the most significant private debt financing for EVs in Canada.

“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,” adds Meersman.