ABN AMRO joins large V2G car-sharing initiative

ABN AMRO is committed to driving growth within key European transitions, including Energy, Digitalisation, Defence, and Mobility. By supporting The Sharing Group and MyWheels, the bank contributes to innovation in sustainable mobility and energy, aligning with its strategy to enhance European competitiveness.

EUR 10 Million to Drive Growth

To support this groundbreaking initiative, ABN AMRO is providing approximately EUR 10 million in financing, of which a significant part is guaranteed by the European Investment Fund (EIF) InvestEU Green program. The EIF’s support ensures a robust financing structure that accelerates the growth in numbers of My Wheels cars.

Bas Janssen, Senior Banker at ABN AMRO, commented on the financing: “This unique partnership demonstrates the power of public-private collaboration in addressing urban energy and mobility challenges. By leveraging innovative financing solutions and the EIF’s InvestEU guarantee, ABN AMRO reaffirms its commitment to supporting sustainable projects that create value for society and the environment.”

Stefan Heesakkers, CFO of The Sharing Group, added: “This project is revolutionary for sustainable mobility and the energy transition. With ABN AMRO’s support, we can help cities embrace smart energy solutions and aim to set a new standard for car-sharing services in the Netherlands and Europe.”

What is Vehicle-to-Grid technology?

This year, car-sharing platform MyWheels began deploying Renault electric vehicles equipped with V2G technology in Utrecht and Eindhoven. This bidirectional charging technology reduces strain on the electricity grid while promoting the use of renewable energy. The vehicles charge during the day when renewable energy supply is abundant and return energy to the grid in the evening when demand peaks, reducing reliance on grey energy.

Collaborating for sustainable urban mobility

With these initiatives, Utrecht and Eindhoven position themselves as global leaders in sustainable urban mobility. MyWheels aims to grow its presence further, expanding to 500 shared cars in Utrecht and 100 in Eindhoven next year. The V2G project uses advanced public charging stations from We Drive Solar. Grid operators Stedin in Utrecht and Enexis in Eindhoven are also actively involved in the project. Other cities, including Rotterdam and Amsterdam, have expressed interest in adopting V2G technology. By supporting this project, ABN AMRO strengthens its role in financing innovation and sustainable mobility initiatives, contributing to a greener and more efficient urban future.