DBS, AETOS to convert 42 operational vehicles to EVs by 2026

DBS Bank and security firm AETOS announced today (June 4) the launch of Singapore’s first electric vehicle (EV) for cash and valuables (CVE) escort services.

The two companies have pledged to convert the 42 operational vehicles used by the bank to electric vehicles by 2026, starting with seven CVE vehicles by the end of 2023.

CVE vehicles are used to transport cash from DBS / POSB branch companies to a cash handling center. According to the bank, a CVE vehicle travels on average more than 170 km per day.

By switching to EV, it helps reduce carbon dioxide equivalent (CO2e) emissions by up to 47 kg per day, or some 17,100 kg of CO2e per year.

The move is in line with the government’s plans to phase out internal combustion engine (ICE) vehicles and boost the adoption of electric vehicles by 2040.

dbs bank
Image Credit: DBS Bank

Commenting on the partnership, Shee Tse Koon, Country Manager of DBS Singapore, said: “As part of our commitment to sustainability, we have encouraged partners in our ecosystem to adopt carbon reduction practices, including more than reducing our own footprint.

“We are delighted to be working with a partner like AETOS, which has taken concrete and comprehensive steps to reduce carbon emissions and who shares our vision for a better and more sustainable future. “

In its drive to adopt electric vehicles, AETOS will install a charging infrastructure in its various operational bases, starting with the first alternating current (AC) charging station in its premises on the west coast.

Each station is capable of fully recharging a CVE electric vehicle in less than eight hours.

“AETOS is committed to carrying out carbon neutral operations as part of our sustainable development approach with the parent company Surbana Jurong. We firmly believe that it is important to work to save the environment for future generations. We are delighted to partner with DBS which supports our long term goal of sustainability, ”said Alfred Fox, Executive Director and CEO of AETOS Holdings.

Electric vehicles is a key content pillar for Vulcan Post. You can find the rest of our VE coverage here.

Featured Image Credit: DBS Bank

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