New York-headquartered vehicle financing company Tenet Energy has closed a funding round of more than $30 million.

The financing includes more than $10 million in Series A investment, led by venture capital firm Nyca Partners, as well as a $20-million warehouse debt facility provided by Silicon Valley Bank. Other investors participating in the round include Assurant Ventures and Giant Ventures. Tenet will use the new funding to increase its capacity to fund consumer and business EV loans and to scale its smart charging platform TenetConnect, which is designed to lower owners’ charging costs.

Tenet financing leverages EV attributes to encompass government tax credits, residual value data and home charger installation. Future plans call for adding financing for solar panels, home batteries and other energy-efficiency products to its EV loans to create an integrated platform for home electrification.

“Charging costs remain one of the most complex aspects of EV ownership,” said Tenet CEO Alex Liegl. “Electricity rates vary widely across states and utilities, with higher peak pricing that can impact charging expenses.” 

Source: Tenet