NEW YORK--(BUSINESS WIRE)--Tenet Inc., a leading electric vehicle (EV) auto loan financing platform, announced it has closed on a $10 million revolving warehouse facility, with up to $15 million of additional capital available, with NY Green Bank (NYGB), a division of the New York State Energy Research and Development Authority (NYSERDA), for financing of electric vehicle loans originated in the state of New York.
Just over a week ago, Tenet announced the first-ever EV-only warehouse facility and today marks another milestone — the first time a government green bank has funded one. Climate change regulation and green technology adoption has been top of mind for all federal, state, and local politicians. In fact, New York announced an ambitious goal to ensure all new passenger cars and trucks sold in the state to be zero-emission by 2035.
From policy and regulation comes serious investment into solutions, and the $800B Inflation Reduction Act is an example of unprecedented government tailwinds for the climate economy to explode. Government entities play a critical role in accelerating the adoption of climate-friendly products, like EVs, and working with innovative financial technology companies, like Tenet, to lead the way.
Tenet's financing product integrates the unique IRA tax credits and value retention of electric vehicles to help EV drivers reduce their auto loan payment by up to $200/month with a deferred down payment. This could help New York residents capitalize on savings and lower maintenance costs and make EV ownership more affordable than ever before. By allowing residents to easily use Tenet to purchase or refinance their EV, this transaction with NY Green Bank may play a significant role in cutting carbon emissions from vehicles in New York state.
“As a country, we don’t have time to avoid tackling climate issues – everyone should be setting ambitious goals to ignite change,” said Alex Liegl, co-founder and CEO of Tenet. “The support from NYGB is a great first step in utilizing innovative ESG capital market opportunities to increase the affordability of zero-emission vehicles. We are excited to support each other and further incentivize New Yorkers to adopt zero-emission technologies, and continue to make EV ownership a smarter financial decision.”
NYGB works to make sustainable infrastructure investments more readily available for technically and economically feasible uses of proceeds. Today’s announcement aligns with their history of working with sustainability-focused businesses to alleviate barriers in clean energy markets and represents the opportunity to further accelerate clean energy uptake in the transportation sector in New York State.
“NY Green Bank is proud to support Tenet’s innovative EV financing model to help more New Yorkers access electric vehicles,” said Andrew Kessler, President of NY Green Bank. “Tenet’s model has the potential to provide substantial savings that reward individuals for adopting a climate-friendly lifestyle. Accelerating the adoption of electric vehicles supports the state’s goal of reducing greenhouse gas emissions 85 percent by 2050.”
To learn more about how to save on purchasing an electric vehicle, visit www.tenet.com.
Tenet is the leading electric vehicle financing platform, with the mission of empowering people to live more sustainably through financing that makes EV ownership more affordable. Founded in 2021, Tenet is backed by Human Capital, Giant Ventures, Breyer Capital, Global Founders Capital, Firstminute Capital and angel investors. The company’s headquarters are in New York. For more information, visit www.tenet.com.