Dealflow | June 21, 2021

Spring Lane Capital invests $20 million in “EV as a service” in Canada

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, June 21 – Vancouver-based 7 Generation Capital develops charging infrastructure and vehicle leasing  projects to help commercial fleet operators transition to electric vehicles. It’s initial targets: last-mile delivery and waste removal.

7Gen will use the $20M equity investment to help build out commercial EV charging infrastructure throughout Canada.

The deal is the first in the EV space for Spring Lane, which provides project finance for small-scale, sustainable energy, food, water and waste projects. “We are on the cusp of widespread adoption of electric vehicles by commercial fleets,” said the firm’s Lane’s Nathaniel Lowbeer-Lewis.

Leading the charge

Ford Motor has acquired San Francisco-based commercial EV fleet and energy management provider Electriphi for an undisclosed sum. The acquisition comes after the automaker pledged to pump $30 billion into its EV business by 2025. It is aiming to generate $1 billion in charging revenues by the end of the decade. Electriphi will be folded into Ford’s new Ford Pro business unit serving commercial customers.

Beijing’s XCharge raised an undisclosed sum earlier this month from from Shell Ventures and other investors to scale up its rapid charging solutions expand into fast-growing markets. Mountain View, Calif-.based AMPLY Power, a provider of charging infrastructure and optimization software for commercial electric vehicle fleets, secured $13.2 million from Soros Fund Management and Siemens joined existing investors Congruent Ventures, PeopleFund, and Obvious Ventures last April.