Major milestone reached in loan application with the U.S. federal government to make the switch to EVs more affordable for all Americans
NEW YORK–(BUSINESS WIRE)–Tenet Energy Inc. (“Tenet”), a climate financial technology platform to accelerate America’s sustainable energy transition, starting with electric vehicles, announced today that the U.S. Department of Energy (“DOE”) has invited the Company to submit the Part II loan application under the DOE Title 17 program for Tenet’s EV Auto Lending project.
“Being invited to Part II of the DOE loan application is a critical next step within Tenet’s vision to build the financial fabric of the American energy transition,” commented Alex Liegl, Tenet’s Chief Executive Officer. “This progress lets us be closer to unlocking a path of accessibility and affordability for electric vehicles nationwide. Today, EV affordability remains the main barrier to adoption. However, a potential partnership with the Department of Energy will allow us to create positive financial incentives for all Americans to adopt and utilize climate technology products to make measurable progress in decarbonizing our American energy grids.”
In addition to making EV financing more affordable, Tenet has launched TenetConnect – a platform that unlocks additional cost savings for EV drivers by optimizing charging schedules and providing custom insights on carbon emissions and financial impacts personalized to the driver. “TenetConnect is a symbiotic platform that was created to boost the overall impact of EV adoption,” said Liegl. “Every Tenet customer has free access to a suite of software services that optimize their EV charging to save both money and emissions. Plus, TenetConnect’s unique positioning at the intersection of credit and energy data allows it to offer its customers truly data-driven recommendations for other climate technology products. This allows the switch to affordable EV ownership to be the start of every customer’s sustainability journey.”
As previously indicated, the DOE loan application process is a key strategic growth driver in Tenet’s capital formation strategy to accelerate the adoption of electric vehicles around the country. Tenet also continues to engage with potential investors, especially green banks and state agencies interested in qualifying as a State Energy Financing Institution (SEFI), to provide mezzanine debt to finance anticipated capital expenditures and development associated with the project.
Tenet will continue to work on advancing the DOE Title 17 process during 2024 and will provide further updates as appropriate. The following is a disclaimer from the DOE regarding the Part II application process:
The invitation to participate in Part II of the application process represents the culmination of months of work to satisfy the technical and eligibility requirements of the Part I application. Although this invitation is a major milestone and not given lightly, the DOE’s invitation to submit a Part II application is not an assurance that the DOE will invite the applicant into the due diligence and term sheet negotiation process, that DOE will offer a term sheet to the applicant, or that the terms and conditions of a term sheet will be consistent with terms proposed by the applicant. The foregoing matters are wholly dependent on the results of DOE review and evaluation of a Part II application, and DOE’s determination whether to proceed.
About Tenet
Tenet makes it easier than ever to finance renewable energy products, starting with EVs. Through its innovative, climate-focused financial platform designed to accelerate the mainstream adoption of renewable energy, Tenet connects EV drivers and fleet owners with better loan terms from sustainability-focused financial institutions. In addition to EV affordability, Tenet offers free software services to reduce charging costs and share personalized carbon emissions impacts. For more information, visit www.tenet.com. Join the conversation on X (formerly Twitter), Facebook, LinkedIn, Instagram, and TikTok.
Contacts
Investor contact:
Bo Kane
Director of Capital & Finance Strategy
bo.kane@tenet.com
Tel: (+1) 336-745-5619
Media contact:
Melissa Dayton
Head of Marketing
melissa.dayton@tenet.com
Tel: (+1) 757-285-8213
