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EV Developer, 7GEN, Closes $8M Series A to Help Fleet Operators Electrify

BC Business | Rushmila Rahman | Jul 6, 2022

7GEN Frans Tjallingii - EV Developer, 7GEN, Closes $8M Series A to Help Fleet Operators ElectrifyBeing responsible pays off in B.C. With rebates for your next vehicle being of the electric variety, it’s a good time for enterprises to plug in and put the pedal to the metal.

To that end, commercial EV developer 7 Generation Capital just closed $8 million in Series A funding led by Quebec venture capital firm Fonds de solidarité FTQ and multinational tech firm Siemens Financial Services.

The startup—which has its roots in Vancouver and 18 team members across Montreal and Toronto—guides medium and heavy duty fleet operators through the process of electrifying some (or all) of their vehicles in a bid to meet net-zero goals. It’s been helping fleets with installation, operation, maintenance and leasing for electric vehicles and chargers since 2020, according to 7Gen CEO and co-founder Frans Tjallingii:

I was actually a Vancouver-based operator of tourism buses that wanted to electrify their fleet.  By working with fleets, we're looking at fleet renewal. If you have 10 vehicles, you might be replacing one every year, or if you have 100 you might be replacing 10. Does it make more sense for you to go electric? I would say for fleets that do up to 200-300km a day, who have some time to charge overnight, in B.C. and Quebec primarily, it makes a lot of sense to electrify.

With up to $3,000 incentives to go electric in B.C., there’s little reason for businesses to hold back. The proof is in the pudding as startups like 7Gen start to scale fast with support from big corporations in putting more electric vehicles and chargers on the road.

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NCFA Jan 2018 resize - EV Developer, 7GEN, Closes $8M Series A to Help Fleet Operators ElectrifyThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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