Volvo Financial Services (VFS) announced the launch of iLabX 2.0, an evolution of its innovation accelerator program that provides startups the opportunity to develop and implement fintech innovations together with VFS. This upcoming program will focus on creating an exceptional experience for Equipment-as-a-Service (EaaS) customers.

“We’re excited to host this new generation of iLabX and once again drive innovation through partnerships with startups around the world,” said Allen Atchley, Senior Vice President, Strategy And Innovation at Volvo Financial Services. “One of the highlights of our new approach is that we are running it in collaboration with CampX by Volvo Group. By combining our complementary strengths and expertise, we are confident that we’ll find creative solutions to accelerate society’s transition to sustainable solutions through EaaS.”

EaaS bundles services and solutions from Volvo Group business areas to provide customers a contracted level of electric vehicle or equipment capacity. Through EaaS, Volvo Financial Services aims to reduce barriers to the adoption of fossil-free machines and vehicles.

“Equipment-as-a-Service is a fresh approach to meeting customers’ needs in a way that removes much of the uncertainty that can accompany any new technology like electromobility,” said Charles Carter, Vice President, EaaS at Volvo Financial Services. “We look forward to seeing the unique, disruptive innovations startups propose around the EaaS experience.”

Key EaaS-related themes the startups will focus on include:

• Disruptors in the rental, subscription or bundled solution space helping accelerate the move toward usership and asset-as-a-service.
• Electric vehicle fleet consultancy for fleet transitions & management, charging infrastructure, battery lifecycle management, etc.
• Marketplace and monetization of sustainable initiatives, including subsidy aggregation, carbon credits, offsets/markets, low-carbon fuel standards, etc.

Startups interested in participating in iLabX 2.0 may submit their entries now through May 19 via the online application. Following the initial submission period, up to ten finalists will be invited to pitch their ideas to the VFS EaaS team. Up to three finalists will be chosen to join the accelerator program and co-locate with the VFS team to further develop their ideas alongside EaaS experts.

Volvo Financial Services hosted the inaugural iLabX innovation accelerator in 2019. This year’s iLabX 2.0 will benefit from the closer collaboration recently announced between VFS and CampX by Volvo Group. With fintech added to its focus areas, CampX will be able to provide additional support to the iLabX program to find, cultivate and deploy new innovations.

Volvo Financial Services is the captive finance arm of the Volvo Group, providing financial services and solutions. Dedicated to innovation, VFS is supporting society in its adoption of sustainable transport and equipment solutions. VFS is headquartered in Greensboro, NC, and serves Volvo Group customers and dealers in about 50 markets.