Tenet launches financing platform to drive EV adoption

Climate-focused start-up Tenet has launched an electric vehicle (EV) financing platform that it hopes will accelerate the adoption of EVs and help consumers enter the $185 billion EV market.

Tenet’s financing platform will help consumers enter $185bn EV market

Tenet’s EV financing platform rejects standard car depreciation models and values EVs as clean collateral, taking into account the long-term value that EVs retain.

By leveraging EVs’ residual value, which is far better than gasoline-powered cars, Tenet says it has redefined the traditional auto loan.

The firm says it is building a new infrastructure that supports consumers’ “converging financial and sustainable goals” and integrates with partners so consumers can get API-led loan decisions through Tenet’s platform at speed.

As part of its broader mission, Tenet has also raised seed funding of $18 million led by Human Capital and Giant Ventures with participation from Breyer Capital, Global Founders Capital and Firstminute Capital, as well as a number of angel investors.

Tenet also plans to expand into zero-emission home upgrades to help consumers better achieve their financial and sustainability goals.

Tenet CEO and co-founder Alex Liegl says: “With inflation hitting its highest levels in two generations and people paying record prices at the pump, the demand for EVs will continue to grow exponentially.

“We’ve created a new model for EV financing that incentivises consumers to adopt new zero-emission technology and will continue expanding our offerings to support sustainable improvements for the entire home.”