• Tue. Apr 23rd, 2024

Sterling Bank Bolsters Nigeria’s Electric Vehicle Race Through Qore Partnership

ByHybrid News

Jun 26, 2023

From left: Group Head, Channel Operator, Sterling Head Office, Abubakar Soyemi; Group Head, Energy, Dele Faseemo; Permanent Secretary, Ministry of Transportation, Lagos, Engr. Abdulhafis Toriola; Permanent Secretary, Ministry of Energy and Mineral Resources, Engr. Shola Shasore; Permanent Secretary, Ministry of Environment, Omobolaji Gaji; and the Group Head, Transport and Renewable Energy, Sterling Bank Plc, Olabanjo Alimi; during the launch of Nigeria first Electric Vehicle Charging Station in Lagos by Sterling Bank Plc

Sterling Bank, Nigeria’s leading commercial bank and one of Africa’s fastest-growing companies, has made a groundbreaking contribution to Nigeria’s energy and transportation sectors by introducing Qore, a comprehensive range of renewable energy-powered transportation solutions.

Qore encompasses various offerings, including the sale and financing of electric vehicles (EVs), EV charging stations, conversion services for transitioning from fossil-fuel-powered engines to EV engines, battery swapping services for modular EVs, and more.

During the unveiling of Nigeria’s first publicly accessible EV charging station in Lagos, Abubakar Suleiman, the CEO of Sterling Bank, emphasized the significance of Qore as a pivotal milestone in the bank’s mission to propel Nigeria’s transportation sector with renewable energy.

Suleiman expressed his belief that Qore would revolutionize the concept of powering movement by providing clean, sustainable, and cost-effective options for individuals and businesses, while simultaneously reducing the sector’s environmental impact.

The Group Head for Renewable Energy and Transportation at Sterling, Olabanjo Alimi, also shared insights at the launch event. He elaborated on Qore’s core objective, which is to enhance mobility services in Nigeria by offering affordable and cleaner transportation alternatives to conventional petrol and diesel vehicles.

He described Qore as a “mobility project” that will offer a range of products, including the manufacture and sale of EVs, financing for the purchase and distribution of EVs, and mobility-as-a-service options to cater to first- and last-mile transportation.

Alimi said, “Qore will deliver innovative solutions through partnerships that provide sustainable energy options for vehicles through stations such as this. This will accelerate the adoption of clean mobility solutions that allow interested customers to buy EVs directly, or even convert their existing petrol- or diesel-powered vehicles to run on electricity.”

“Along with the readily available technology to convert petrol or diesel powered vehicles, Qore will drive EV adoption in the Nigerian market by providing charging infrastructure and battery swapping services to quicken the turnaround time of restoring power to EVs.”

He went on to explain that Qore had been a pioneer in the Nigerian EV market, introducing the country’s first publicly available charging station. They also developed a proprietary payment solution that enables direct interaction with the battery management system of vehicles charging at their stations.

The Group Head concluded by emphasizing that this moment signifies a significant milestone for the Nigerian EV market. Qore is actively seeking partnerships and collaborations to enhance the development of EV infrastructure and promote adoption throughout the country.

Qore’s suite of solutions is already gaining traction, evident in their recent acquisition of 100 electric tricycles to facilitate transportation in the Kano metropolis. Additionally, they have converted diesel-engine ferries to electric power, enhancing commuting experiences for individuals and businesses using Lagos’ waterways. The introduction of the newly launched charging station further enriches their comprehensive offerings.

In a remarkable feat, Sterling has become the first corporate organization in Africa to fully power its offices using a renewable energy source. They accomplished this by installing over 3000 Building Integrated Photovoltaic (BIPV) panels, generating 1 megawatt (1 MW) of electricity.

With this achievement, Sterling’s structure becomes one of the largest on the continent to primarily rely on renewable energy. It reflects the bank’s commitment to promoting the growth and development of renewable energy in Nigeria.

Moreover, the bank recently launched Imperium, an alternative energy solution designed to power Nigerian homes and businesses through solar and renewable energy services tailored specifically to the country’s unique energy needs.

Recognized for its notable HEART of Sterling strategy, which focuses on significant investments in the Health, Education, Agriculture, Renewable Energy, and Transportation sectors of the Nigerian economy, as well as its distinct brand voice and exceptional talent management practices, the bank reached a major milestone in its transformation into a financial holdings company with the relisting of its shares on the Nigerian Exchange (NGX).

In 2023, the bank has continued to maintain and enhance its momentum. It was named Africa’s Most Valuable Commercial Bank Brand for 2023 by the African Brand Magazine, as determined by a poll conducted by GeoPoll and Kantar, two leading brand research firms worldwide.

Additionally, LinkedIn recognized Sterling as one of the top three employers in Nigeria in their annual Top 25 List. Most recently, the bank was honored as one of the top 100 fastest growing companies in Africa by the prestigious Financial Times.

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