7 Generation Capital (7Gen) has landed an $8 million funding round that will accelerate the deployment of electric trucks and buses through the company’s innovative EV-as-a-service model.
With offices in Vancouver and Montreal, 7Gen helps medium- and heavy-duty fleets deploy electric vehicles (EVs) and chargers.
The Series A financing led by Quebec-based pension fund Fonds de solidarité FTQ and Siemens will enable 7Gen to scale up and get more zero-emission trucks and buses on Canadian roads sooner.
Focused on supporting commercial fleet operators, 7Gen’s advisory and leasing service integrates technology selection, planning, financing, software, installation and maintenance. This allows their client fleets to focus on their core businesses while moving more easily, quickly, confidently and profitably towards integrating zero-emission vehicles, from various OEMs, into their fleets.
“This investment is game-changing for us,” Frans Tjallingii, 7Gen CEO and Co-Founder, told Techcouver.
“Combined with the market insights and potential market access and business synergies it provides, it will enable 7Gen to expand our turnkey EV-as-a-service fleet electrification execution support, financing, and software for fleet managers, marine terminals and airports that want to join the EV revolution.”
FTQ has investments in more than 3,400 companies, and its partnership with 7Gen encompasses serving many of the fleets in its portfolio as they transition to electrification. Siemens has a global presence and significant investments in the e-mobility space, which will help 7Gen navigate the evolving and growing EV industry.
The partnership also provides insight and potential synergies in the charging infrastructure side of 7Gen’s business, as well as the backing of a major multinational company to support scale.
“Having spent years supporting the growth of the U.S. mobility market, I know how rare it is for a Series A financing round to include this kind of market access. These are exactly the kind of symbiotic partnerships that Invest Vancouver is working to provide to more home-grown firms,” David Flaks, President of Invest Vancouver, told Techcouver.