Vancouver-based electric vehicle (EV) and charging infrastructure leasing company 7 Generation Capital (7Gen) has closed an all-equity $8 million CAD Series A round.
The funding was co-led by Fonds de solidarité FTQ and Siemens Financial Services, the financial services division of international company Siemens.
Founded in 2017, 7Gen provides end-to-end services for fleet operators to transition their vehicles to EVs. The company offers installation, operation, maintenance, and leasing for EVs and chargers.
7Gen previously received a $20 million equity investment from Boston’s Spring Lane Capital, last year. According to the startup, this latest investment from Siemens and Fonds de solidarité FTQ will help in accelerating the deployment of its electric trucks and buses, as well as the development of its software platform to facilitate project development.
Siemens is not just investing in 7Gen, but also becoming a strategic partner. Siemens said its global presence and significant investments in the e-mobility space will help 7Gen navigate the evolving EV industry.
In addition to leading 7Gen’s Series A round, Siemens has been actively investing in other areas of the ev industry. It’s eMobility division creates software and hardware products for the electric mobility industry. Siemen’s eMobility division works with original equipment manufacturer (OEMs), utilities, fleet operators, companies, cities, and end customers to offer end-to-end solutions for electromobility.
Last year, the corporation launched the eMobility Partner Ecosystem to increase accessibility of the company’s EV charging infrastructure and financing solution to new markets such as workplaces, retail spaces, multi-unit dwellings, residential developments, and utility programs.
In recent weeks, Siemens also invested in Volkswagen Group subsidiary Electrify America’s $450 million investment round, contributing more than $100 million.
In the US, Siemens announced in April that it will invest $54 million to expand production across the country. The move is expected to create 300 manufacturing jobs, making critical electrical infrastructure that supports EV chargers, data centers to industrial sites and other technology.
7Gen, which provides EVs and charging infrastructures, intends to use its latest boost from Siemens to scale its offerings in the Canadian and US markets.
Apart from 7Gen, other Canadian players in the EV space also include Swtch Energy, which recently secured $16.5 million to make inroads into the US; eLeapPower, which raised $21 million CAD in Series A financing last year; as well as ChargeLab, which closed a $19.3 million Series A round to become the operating system for EV chargers.
Featured image from 7 Generation Capital’s website.