Volvo Financial Services (VFS) launched iLabX 2.0, an evolution of its innovation accelerator program that provides startups the opportunity to develop and implement fintech innovations with VFS 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,” Allen Atchley, senior vice president of strategy and innovation at Volvo Financial Services, said. “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.”

“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,” Charles Carter, vice president of EaaS at Volvo Financial Services, said. “We look forward to seeing the unique, disruptive innovations startups propose around the EaaS experience.”

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

• Companies in the rental, subscription and/or bundled solution space helping accelerate the move toward usership and asset-as-a-service.
• Electric vehicle fleet consultancy for fleet transitions and 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 10 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.