Mitsubishi Elevator: the elevator as a service

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Mitsubishi Elevator has developed a unique circular business model for elevators in which the customer pays to use rather than buy an elevator. Essentially, the elevator is a service. Mitsubishi remains the owner of the elevator and so is responsible for maintenance, leading to a longer lifespan than for ‘regular’ elevators. Watch the short video to find out all about Mitsubishi Elevator’s circular business model.

The circular business model of Mitsubishi Elevator

Thanks to Mitsubishi Elevator’s circular business model, customers can now install a premium quality elevator system at low cost. Smart technology ensures the elevators always get the necessary maintenance, resulting in a longer lifespan than for regular elevators. When a elevator eventually reaches the end of its lifespan it is dismantled and replaced. The parts of the old circular elevator are given a second life – Mitsubishi now recycles or reuses over 95 percent of the installation’s components.

In general, elevators need replacing after fifteen to twenty years, but in Mitsubishi’s circular model that is stretched up to an average of forty years. Research has shown that using one of these elevators will cost 15,000 euros less over a 30-year period than using other elevators.

The circular elevators are financed by ABN AMRO. The partnership with ABN AMRO allows Mitsubishi Elevator to apply the model to both large and small projects, from property developers to homeowners’ associations. The first circular elevator was installed in ABN AMRO’s circular pavilion Circl in Amsterdam’s Zuidas district.

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