The 10th financing from the BNG Sustainability Fund is being provided to iwell. The Utrecht-based company is using the financing to offer the Cube battery system in a lease solution to housing associations and owners' associations. Until now, parties had to purchase the Cube themselves. ‘With the help of BNG Bank, we have succeeded in converting the business case into an excellent market proposition,’ says Jan Willem de Jong, commercial director of iwell.
The battery, called Cube, can be installed in apartment complexes owned by housing associations and owners' associations. iwell ensures that housing associations can recoup their investment in a smart way. In short, sustainability and savings are now possible without an upfront investment. By installing the Cube, iwell is contributing to the transition to clean energy.
In November last year, iwell won the Global Goals Social Impact Challenge organised by VNG and BNG Bank. The prize consisted of guidance from BNG Bank to make the plan financially viable and feasible. Now that this has been achieved, financing is being provided by the BNG Sustainability Fund.
Pieter Oppermann, director of the BNG Sustainability Fund:
"With this 10th financing by the BNG Sustainability Fund since its inception, we are once again contributing to the sustainability goals of municipalities and provinces. The financing of iwell shows that the Global Goals Social Impact Challenge is not just an intention, but is actually being implemented. Iwell fits well within the broad definition of sustainability used by the BNG Sustainability Fund and is a great addition to our portfolio."
The time for evaluating pilots is over. It is time for upscaling. The trial in an apartment complex owned by housing association De Alliantie in Amsterdam proved that the Cube can deliver significant savings. Twenty-four housing associations are now customers of iwell, and the application of the Cube to the rest of the real estate portfolio is growing steadily. Now that the Cube is also available on lease, this will accelerate growth as the final barrier, that of financing, has been removed.
Jan Willem de Jong, commercial director at iwell:
"For almost all housing associations, sustainability is now a policy priority alongside providing sufficient affordable housing. But how do you prevent investments in sustainability from coming at the expense of investments in affordable housing? By leasing the Cube, corporations keep their money available for housing. And because the savings exceed the costs, tenants' energy bills are reduced. A win-win situation for everyone."
With the financing of iwell, the BNG Sustainability Fund has reached a milestone: 10 financed initiatives. The BNG Sustainability Fund supports projects and initiatives by entrepreneurs who make a significant contribution to CSR objectives but experience difficulties with financing.
Heleen Plante, fund manager at the BNG Sustainability Fund:
‘We finance all kinds of different projects, from charging stations for electric cars to solar panels on schools and even building materials made from organic waste. The common denominator: they all contribute to achieving municipal policy objectives and stimulating Corporate Social Responsibility, benefiting all three Ps (People, Planet, Profit).’
The BNG Sustainability Fund challenges innovative entrepreneurs, such as iwell, with sustainable initiatives to contact the fund. Read more about the BNG Sustainbility Fund (Dutch).