Tenet Energy, which finances electric vehicles, has closed a $10 million Series A led by New York-based Nyca Partners, and secured an additional $20 million in warehouse debt facility from Silicon Valley Bank.
Other investors in the Series A round included Assurant Ventures and Giant Ventures. So far, the New York-based startup has raised $73 million in equity investments and over $100 million in committed loan funding.
Tenet said it would use the Series A funding to drive growth and scale its digital renewable platform, TenetConnect, which helps customers lower charging costs. The warehouse debt facility will be used to fund further loans.
“Our mission is to help our customers save money by electrifying their lives and serve as the financial fabric of the energy transition,” said co-founder and CEO Alex Liegl, a serial entrepreneur with a Stanford degree in math and computational science.
“Helping customers affordably purchase EVs is just the first step in our journey. With the support of partners like Nyca and SVB, we’re able to scale our unique platform in innovative new ways – like TenetConnect – to continue making EV ownership more accessible, affordable, and rewarding,” added Liegl, whose notable startups include Apex Labs (AI platform for G20 tax agencies), Layer1 (renewable energy bitcoin mining) and Bessel Capital.
Financing Still the Key
Liegl and former McKinsey executive Andreas Wallendahl co-founded Tenet in 2022 to build innovative financing models for EVs, making the climate-friendly automobiles more affordable to customers. Wallendahl, who serves as Tenet’s chief operating officer, has a degree in Civil and Environmental Engineering, and Management Science from MIT, and an MBA from Insead.
“Tenet’s EV-first approach makes it easier for drivers to go electric,” said Jeremy Solomon, a partner at Nyca Partners, adding that the lack of customized financing options remains a key hurdle toward widespread adoption.
“Tenet packages tax incentives and EV-specific features to bring a comprehensive financing offering to the market. Transparent ownership costs combined with unique ownership data services makes Tenet a clear leader in the market,” he added.
Tenet has a fan in John Stringer, the influential founder of a group called Tesla Owners of Silicon Valley. Stringer says Tenet’s financing helps save nearly $1,500 per year on EV ownership cost, via lower monthly rates and smart charging.
Targeting Charging Costs
Leigl also has his focus on lowering charging costs, which he calls one of the most complex aspects of EV ownership. “Electricity rates vary widely across states and utilities, with higher peak pricing that can impact charging expenses,” he said. For example, an EV owner in San Francisco charging from 5 p.m. to 8 a.m. could pay around $37. But with TenetConnect’s smart charging technology, which optimizes charging based on utility rates and driving patterns, customers can expect to save up to $15 each time they charge at home, he claimed.
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TenetConnect, the company’s digital platform available to all Tenet customers account, helps enrolled customers to connect their car with the company’s smart charging service, and save up to $40 per month. It also helps customers realize financial and carbon emission savings. Tenet claims its EV funding program help cut over 5,000 tons of estimated CO2 emissions annually. The company plans to enter into other markets that mitigate climate change. These include financing for solar panels, home batteries, and other energy-efficiency products.
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Nyca Has $850M inn AUM
Founded in 2014, Nyca Partners has offices in New York and San Francisco. It is led by managing partner Hans Morris, who was previously a managing director at General Atlantic. He also has worked at Visa and Citigroup.
With over 150 portfolio companies and $850 million in assets under management, Nyca is currently investing from its fourth fund. Nyca’s recent investments include RQD Clearing, Arkifi, Certificial, Bequest Finance, OpenFin, Westhill, Axoni and Metrika.