EV seed-stage company Tenet, which offers consumer loans for EVs, today announced it has secured $25 million in a first-of-its-kind warehouse facility from NY Green Bank for EV loan financing that originates in New York State.
If you’re not familiar with the term warehouse financing, it’s “a form of inventory financing that involves a loan made by a financial institution to a company, manufacturer, or processor.”
NY Green Bank, a division of New York State Energy Research and Development Authority, is providing Tenet a $10 million warehouse facility with up to $15 million in additional capital available.
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