Qore: Nigeria's Revolutionary Renewable Energy-Powered Mobility Solutions by Sterling Bank

NGXNigeria's leading commercial bank and rapidly expanding company, Sterling Bank, has made a significant impact on Nigeria's energy and transportation sectors through the introduction of Qore, a comprehensive suite of renewable energy-powered transportation solutions.

Qore Unleashes Clean and Sustainable Mobility Solutions

Qore encompasses a range of offerings, including the sale and financing of electric vehicles (EVs), EV charging stations, conversion of fossil-fuel-powered engines to EV engines, battery swapping services for modular EVs, and more. This revolutionary initiative is set to transform how movement is powered in Nigeria by providing clean, sustainable, and cost-effective alternatives for individuals and businesses while reducing the sector's environmental footprint.

At the launch of Nigeria's first publicly available EV charging station in Lagos, Sterling Bank's CEO, Abubakar Suleiman, expressed his enthusiasm for Qore, labeling it a significant milestone in the bank's journey to energize Nigeria's transportation sector with renewable energy. Suleiman emphasized that Qore would revolutionize the concept of powering movement by offering environmentally friendly options that benefit both consumers and the environment.

During the launch event, Olabanjo Alimi, Group Head for Renewable Energy and Transportation at Sterling Bank, elucidated Qore's objective of enhancing mobility services in Nigeria. It aims to provide affordable and cleaner transportation alternatives to traditional petrol and diesel-powered vehicles. Alimi referred to Qore as a "mobility project" that encompasses various products, including EV manufacturing and sales, financing options, and mobility-as-a-service solutions, catering to first- and last-mile transportation needs.

Alimi highlighted Qore's commitment to delivering innovative solutions through partnerships to offer sustainable energy options for vehicles. This approach includes the establishment of charging infrastructure and battery swapping services to expedite the process of restoring power to EVs. Additionally, Qore has developed a proprietary payment solution that enables direct interaction with the battery management system of vehicles charging up at their stations.

Emphasizing the significance of this development for the Nigerian EV market, Alimi expressed Qore's openness to partnerships and collaborations that would contribute to the expansion of EV infrastructure and adoption in the country.

Qore's Impact and Sterling Bank's Renewable Energy Commitment

The adoption of Qore's suite of solutions is already gaining momentum, with the acquisition of 100 electric tricycles to power transportation in the bustling Kano metropolis. Furthermore, diesel-engine ferries in Lagos have been converted to electric power, enhancing the commuting experience for individuals and businesses on the city's waterways. The newly launched EV charging station adds another layer to Qore's robust offerings.

Sterling Bank has 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 1 megawatt (1 MW) of electricity. This remarkable achievement positions the bank's structure as one of the largest powered primarily by renewable energy in Africa, underscoring its commitment to promoting renewable energy growth and development in Nigeria.

Additionally, the bank recently launched Imperium, an alternative energy solution designed to provide solar and renewable energy services tailored specifically for Nigeria's unique energy needs. This initiative further demonstrates Sterling Bank's dedication to driving sustainable and eco-friendly practices across various sectors.

Renowned for its distinctive HEART of Sterling strategy, which focuses on significant investments in Health, Education, Agriculture, Renewable Energy, and Transportation sectors of the Nigerian economy, Sterling Bank has made remarkable strides toward transforming into a financial holdings company. The recent relisting of its shares on the Nigerian Exchange () marked a significant milestone in this transformation.

In 2023, Sterling Bank continues to gain momentum, receiving notable accolades such as Africa's Most Valuable Commercial Bank Brand for 2023 by the African Brand Magazine in a poll conducted by GeoPoll and Kantar, recognition as a top three employer in Nigeria by LinkedIn's annual Top 25 List, and inclusion in the prestigious Financial Times' list of the top 100 fastest growing companies in Africa.

As Sterling Bank leads the charge in revolutionizing Nigeria's energy and transportation sectors, the introduction of Qore sets the stage for a cleaner, greener, and more sustainable future, powered by renewable energy and innovative mobility solutions.