U.K.-based Zenobē has provided $48 million in debt financing to 7Gen, a Montreal-based EV-as-a-Service provider that provides turnkey EV financing and infrastructure for commercial fleets.

The companies say the investment marks the largest private debt financing for EVs in Canada.

7Gen said it will use the financing to scale up, adding 400-500 new commercial electric vehicles bundled with chargers, while refinancing a portion of its existing fleet.

Zenobē is an EV fleet and grid-scale battery storage specialist.

“We’re bringing our innovative funding approach to Canada and specifically to 7Gen,” said Steven Meersman, co-founder and director, 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-emissions vehicles. 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.”

“Zenobē’s debt financing supports 7Gen’s next growth step and allows us to help our customers step up the pace of their EV adoption and benefit immediately from operational cost savings,” added Frans Tjallingii, CEO of 7Gen. “Zenobē’s team is well aligned with ours and we are thrilled to partner to scale our impact in Canada together.”