Last week, Tenet announced that the company has secured what it believes is the first-ever electric vehicle (EV) only warehouse facility to make EVs more affordable.

According to a news release, Tenet has entered into a warehouse financing agreement of up to $20 million with Silicon Valley Bank (SVB) to fund Tenet’s EV installment contract.

Tenet said it has “redefined” the financing model for EVs, helping consumers connect to ESG capital markets to save hundreds of dollars each month on their EV payments.

Tenet is looking to leverage a changing landscape.

This year, California approved the Advanced Clean Cars II rule, which states that by 2035, 100% of new vehicles and light trucks sold in California must be zero-emission vehicles.

Company leaders say this sustainable financing facility by SVB empowers Tenet to lead the charge in ESG financing by lowering the cost of ownership for EVs and sustainable home electrification.

“We’re thrilled to work with the Silicon Valley Bank team because this is an industry-first,” Tenet co-founder and CEO Alex Liegl said in the news release. “Our partnership reinforces Tenet’s mission to become the all-in-one ESG financing platform by building financial technology to combat climate change. They have been great collaborators through this process and can help us scale with the potential to significantly upsize the facility over time.

“We are ready to tackle the issue of EV affordability from coast to coast together with the SVB team,” Liegl added.

Nick Christian is head of specialty financing for Silicon Valley Bank.

“Silicon Valley Bank is committed to supporting the climate technology and sustainability economy. Working with companies like Tenet, who are at the forefront of helping consumers fight climate change, is a top priority for us,” Christian said.

“We are proud to support Tenet ‘s growth as they continue to redefine the financing model for EVs and make the switch to driving electric more affordable,” he went on to say.

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