Sterling Bank, a leading financial institution, has unveiled an innovative suite of transportation solutions that are powered by renewable energy. The groundbreaking initiative, named Qore, aims to revolutionize Nigeria's transportation sector by offering a wide range of services, including the purchase and financing of electric vehicles (EVs), the installation of EV charging stations, the conversion of traditional fossil-fuel-powered engines to EVs engines, battery swapping services for modular EVs, and more.
During the launch event held in Lagos, the CEO of Sterling Bank, Abubakar Suleiman, expressed his enthusiasm for Qore, stating that it represents a significant milestone in the bank's efforts to transform Nigeria's transportation sector using renewable energy. Qore is expected to have a profound impact on both the energy and transportation industries in the country.
Suleiman emphasized the transformative nature of Qore, stating, "Qore will redefine the way we power transportation by providing clean, sustainable, and cost-effective options for individuals and businesses while making a positive impact on the environment."
Olabanjo Alimi, the bank's Group Head for Renewable Energy and Transportation, elaborated on Qore's objectives, highlighting its focus on enhancing mobility services in Nigeria through affordable and eco-friendly transportation alternatives. Alimi referred to Qore as a "mobility project" that offers various products and services, including the manufacturing and sale of EVs, financing options for EV purchases and distribution, as well as mobility-as-a-service solutions for first- and last-mile transportation.
Alimi further explained, "Qore will deliver innovative solutions through strategic partnerships, providing sustainable energy options for vehicles. This will accelerate the adoption of clean mobility solutions, allowing interested customers to directly purchase EVs or even convert their existing petrol or diesel-powered vehicles to run on electricity. In addition to the available technology for engine conversions, Qore will drive EV adoption in Nigeria by establishing charging infrastructure and battery swapping services to expedite the recharging process for EVs."
As part of its commitment to leading the Nigerian EV market, Qore has introduced a proprietary payment solution that enables direct interaction with the battery management systems of vehicles charging at their stations. This unique feature positions Qore as a pioneer in Nigeria's EV industry. The Group Head concluded by expressing Qore's readiness to form partnerships and collaborate with other stakeholders to expand the country's EV infrastructure and promote widespread adoption.
The adoption of Qore's comprehensive suite of solutions is already gaining momentum. Sterling Bank recently acquired a fleet of 100 electric tricycles to enhance transportation in the bustling metropolis of Kano. Additionally, they successfully converted diesel-engine ferries to electric power, improving transportation efficiency for both individuals and businesses traveling on Lagos waterways. The newly launched EV charging station further enhances the robust offerings of Qore.
Sterling Bank has also distinguished itself as the first corporate organization on the African continent to power its offices entirely with renewable energy. By installing over 3,000 Building Integrated Photovoltaic (BIPV) panels, the bank generates a remarkable one megawatt (1 MW) of electricity, making it one of the largest structures in Africa primarily powered by renewable energy sources. This initiative underscores the bank's unwavering commitment to the growth and development of renewable energy in Nigeria.
In addition to Qore, Sterling Bank recently unveiled Imperium, an alternative energy solution tailored specifically to the energy needs of Nigerian households and businesses. Imperium offers solar and renewable energy services, further showcasing the bank's dedication to sustainable energy solutions.
Play audio
No comments