Vancouver’s 7 Generation Capital (7Gen), a developer of commercial electric vehicle projects focused on commercial fleets, has received a $20 million project equity commitment from Spring Lane Capital, a private equity firm focused on providing catalytic project capital for sustainability solutions in the energy, food, water and waste industries.
The $20 million equity investment in 7Gen will catalyze the development of commercial EV charging infrastructure throughout Canada.
7Gen provides a unique value proposition as a one stop shop for commercial fleet operators, offering assistance with costing and implementation, access to vehicles and charging infrastructure, as well as ongoing support and maintenance in one convenient package.
7Gen represents a compelling entry-point into the EV space, a high-growth sector that is critical to decarbonization, noted Spring Lake Capital in a release.
While the commercial EV market is still in its infancy and most companies have yet to incorporate EVs as core parts of their fleets, commitments to electrify are growing.
Due to a variety of factors – mainly vehicle availability, corporate net zero commitments and carbon pricing signals – electrification of last-mile delivery vehicles and other fleet vehicles is on the cusp of substantial growth in North America.
7Gen is well positioned to take advantage of this growth as one of the first movers in the space in Canada, and the only player that offers a holistic solution.