AETOS & DBS Plan To Convert 42 Vehicles To EVs By 2026

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AETOS, a security firm specializing in total security solutions and services, is teaming up with DBS Bank to switch their fleet of 42 vehicles to electric vehicles — by converting them. For now, the two businesses use an electric van to transport cash and other valuables. The van will transport the goods from DBS and POSB branches to a cash processing center.

On average, a single vehicle used to transport money and valuables travels over 170 kilometers daily, according to both companies. Switching out the internal combustion vehicle with an electric one will reduce carbon dioxide emissions by up to 47 kilograms daily. This is just one van they are replacing with an electric one. The other seven vehicles will be converted into EVs and hopefully be in service by the end of 2023.

And by 2026, the two companies plan to have the other 34 operational vehicles that DBS uses fully converted into EVs. These vehicles are used for refilling ATM machines and other similar jobs. This move is supportive of Singapore’s plan to phase out ICE (internal combustion engine) vehicles and boost EV adoption by 2040.

Earlier this year, Singapore’s Finance Minister, Heng Swee Keat, announced a plan to encourage the adoption of EVs while phasing out all ICE vehicles by 2040. “The domestic transport sector contributes a significant amount of greenhouse gas emissions. Vehicles with internal combustion engines, or ICEs, also contribute to pollution, adversely affecting our health and quality of life,” he said.

“For both public health and climate change reasons, we should progressively phase out the use of ICE vehicles towards cleaner alternatives, such as hybrids and EVs (electric vehicles).”

He also added that there will be a long-term goal for Singapore to achieve this. “Our vision is to phase out ICE vehicles and have all vehicles run on cleaner energy by 2040.”

In a statement, DBS Singapore country head, Shee Tse Koon, said, “As part of our commitment to sustainable development, we have been encouraging partners within our ecosystem to adopt carbon reduction practices, in addition to lowering our own footprint.”

Alfred Fox, the executive director and CEO of AETOS Holdings, noted that his firm is committed to going carbon-neutral. In support of EV adoption, it will install charging infrastructure at its operational bases. The first of such will be an alternating current (AC) charging station on the West Coast. Once built, each of the charging stations will be able to fully charge the electric vans in about eight hours.

Images courtesy of AETOS

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Johnna Crider

Johnna owns less than one share of $TSLA currently and supports Tesla's mission. She also gardens, collects interesting minerals and can be found on TikTok

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