TORONTO – The Atmospheric Fund (TAF) is pleased to announce an investment of $1,000,000 in 7Gen, a growing Canadian company with a presence in Vancouver, Toronto and Montreal. 7Gen’s model offers a turnkey service for fleet owners, including financing and procurement of electric commercial vans and trucks, vehicle charging, and streamlined access to expert support. Businesses integrating EVs into a medium to heavy-duty vehicle fleet will benefit from lower total cost of ownership thanks to lower maintenance and energy costs.
Gas-powered medium and heavy-duty vehicles contribute 37% of overall transportation emissions in Canada. Without a rapid shift to electrify these vehicles, the sector is expected to exceed emissions produced by passenger vehicles by 2030. Analysis by TAF shows that 7Gen’s fleet transition to EVs will help reduce an estimated 589,165 tonnes of carbon over 20 years, supporting Canada’s zero-emission vehicle targets and local climate targets in the Greater Toronto and Hamilton Area (GTHA).
“The transition to electric fleets has been slow because of gaps in knowledge, infrastructure, and financing. But, electrifying this sector is a $4.6 billion opportunity,” said Kristian Knibutat, VP of Impact Investing at The Atmospheric Fund. “That’s why TAF is backing 7Gen’s high-impact business model for its strong potential to scale and reduce transportation emissions and air pollution in cities across Canada.”
Commercial vans and trucks produce higher, more harmful tailpipe emissions due to their reliance on diesel and driving patterns. They are a major source of urban air pollution, especially in densely populated areas, contributing to respiratory and cardiovascular diseases. A University of Toronto study found that diesel commercial vehicles in the GTHA are responsible for 9,810 years of life lost annually (or $3.2 billion in annual social costs). The health benefits of fleet switching to EVs will especially improve air quality near schools, transit hubs, and residential areas where idling is common.
“We’re excited to welcome The Atmospheric Fund (TAF) as an investor, ” said Frans Tjallingii, CEO & Cofounder of 7Gen. “This helps us accelerate the rollout of electric vehicles and charging infrastructure in Toronto, Ontario, and across Canada. TAF’s commitment to low-carbon solutions aligns perfectly with 7Gen’s mission, making this a great partnership for driving sustainable transportation forward.”
KEY FACTS
- A University of Toronto study found that diesel commercial vehicles in the GTHA are responsible for 9,810 years of life lost annually (or $3.2 billion in annual social costs).
- TAF analysis shows that 7Gen electric vehicle fleets will reduce 46,000 tonnes in transportation sector criteria air contaminant emissions, which would result in at least $432.2 million in health benefits over 20 years.
- A Pembina Institute report found that electrifying all fleets and developing related infrastructure in Canada would cost about $4-$6 billion.
ABOUT
The Atmospheric Fund – The Atmospheric Fund (TAF) is a regional climate agency that invests in low-carbon solutions for the Greater Toronto and Hamilton Area and helps scale them up for broad implementation. To learn more, visit taf.ca
7Gen – Seven Generation Capital (7Gen) deploys both charging infrastructure and vehicles through their lease-to-own fleet electrification execution support, financing and software. This enables their clients to transition towards zero-emission fleets, today. To learn more, visit 7gen.com
MEDIA CONTACTS
- Julie Leach, Senior Manager, Campaigns and Communications, TAF
Jleach@taf.ca | +1 416-393-6382
- Shayna Rector Bleeker – 7Gen, Cofounder & VP Strategic Partnerships
shayna@7gen.com | +1 604-355-8693
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