Tenet Closes $20M Warehouse Facility from Silicon Valley Bank
NEW YORK, October 27, 2022--(BUSINESS WIRE)--Tenet, the leading EV financing platform, today announced that the company has secured the first-ever Electric Vehicle (EV) only warehouse facility to make EVs more affordable. Tenet has entered into a warehouse financing agreement of up to $20 million with Silicon Valley Bank (SVB) to fund Tenet's EV loans. Tenet has redefined the financing model for EVs, helping consumers connect to ESG capital markets to save hundreds of dollars each month on their EV payments.
It has been estimated that by 2025, 25% of all nationwide car sales will be EVs, with the number increasing to 50% by 2030. This year, California approved the Advanced Clean Cars II rule, building the road to a zero-emission future. The rule states that by 2035, 100% of new cars and light trucks sold in California must be zero-emission vehicles. 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," said Alex Liegl, co-founder and CEO of Tenet. "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 team of finance investors has a great history working with credit lines and loans for companies across multiple sectors - including the finance industry. Their 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," said Nick Christian, Head of Specialty Financing for Silicon Valley Bank. "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."
Tenet is the leading climate financing platform, starting with electric vehicles. Tenet’s electric vehicle financing provides substantial savings by lowering monthly payments that lead to sustainable home electrification. Founded in 2021, Tenet is backed by Human Capital, Giant Ventures, Breyer Capital, Global Founders Capital, Firstminute Capital and additional angel investors. The company’s headquarters are in New York. For more information, visit www.tenet.com.
About Silicon Valley Bank:
Silicon Valley Bank, the bank of the world’s most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB’s core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.
Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (SVB) (Nasdaq: SIVB). SVB Financial Group is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial Group, used under license.
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