NEW YORK--(BUSINESS WIRE)--Tenet today unveiled a new financial solution that lowers the cost of ownership for EVs and ushers in a new era that puts carbon-free emissions within reach for almost every new car owner and buyer. Launching with its innovative EV financing platform that rejects standard car depreciation models and values EVs as clean collateral, Tenet also plans to expand into zero-emission home upgrades to help consumers better achieve their financial and sustainability goals.
The company also announced that it has raised seed funding of $18 million, led by Human Capital and Giant Ventures with participation from Breyer Capital, Global Founders Capital, Firstminute Capital, and prominent angel investors including Michael Tannenbaum, Gokul Rajaram, Michael Ovitz, and more.
Today's traditional auto financing options don’t account for the long-term value that EVs retain, resulting in unnecessarily high monthly payments and a disconnect between the smart financial decision and the sustainable one. By leveraging EVs' residual value, which is far better than gasoline-powered cars, Tenet has redefined the terms of a traditional auto loan and created an innovative financial solution that will drive even wider adoption of zero-emission technologies. Tenet is building a new infrastructure that supports consumers’ converging financial and sustainable goals while easily integrating with partners so consumers can qualify, apply and sign up through Tenet’s seamless platform.
“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,” said Alex Liegl, co-founder and CEO of Tenet. “We’ve created a new model for EV financing that incentivizes consumers to adopt new zero-emission technology and will continue expanding our offerings to support sustainable improvements for the entire home. We believe in change – putting more change in your wallet and changing the future of climate-positive financing.”
Tenet aims to help consumers enter the $185 billion EV market. The rapidly increasing adoption of EVs and other climate-positive options benefit the environment as well as finances on both an individual and societal level. EV owners are capitalizing on savings from energy consumption and lower maintenance costs, making EV ownership a smarter financial decision. With the introduction of its new financing model, Tenet aims to provide even more long-term financial benefits for consumers who are helping to address climate change.
Tenet’s innovative EV financing system unlocks more savings for consumers with loans designed specifically for EVs. Tenet’s finance offerings include:
- Monthly savings: Customers can achieve financial goals without sacrificing sustainability goals by saving up to $200 per month.
- API-enabled decisioning within seconds: Tenet’s financing technology allows for immediate loan decisioning for consumers and embedded financing options with partners.
- Tracking financial and CO2 savings: Optimize your EV’s efficiency, track your mileage and battery health, and manage payment settings from anywhere with the Tenet dashboard.
"We’ve been inspired by Alex’s ambitious vision for building the next generation fintech company that rewards consumers for decarbonizing their lifestyle,” said Baris Akis, co-founder and President of Human Capital. “We are thrilled to support Tenet as they build and scale the right team to drive their journey."
“Tenet is reimagining the financial system to accelerate the adoption of climate-positive products,” said Cameron McLain, co-founder and Managing Partner, Giant Ventures. “We are excited to work with Tenet as they unlock scalable access to high-quality ESG assets for their institutional investor partners.”
The seed funding will be used to accelerate Tenet’s growth, grow its world-class team and roll-out additional products to better serve its climate and savings-minded customers.
To learn more visit www.tenet.com.
Tenet makes the climate-positive choice the smart financial choice. Tenet’s innovative financial system unlocks an EV’s value to create substantial savings over time and drives accelerated adoption of zero-emission home technologies. Founded in 2021 by Alex Liegl, Andreas Wallendahl, and Paul Sebexen, Tenet is backed by Human Capital, Giant Ventures, Breyer Capital, Global Founders Capital, Firstminute Capital and additional angel investors. The company’s headquarters are in New York. For more information, visit www.tenet.com.