Boels Rental Secures €100 Million EIB Financing to Electrify Rental Machinery and Promote Decarbonization

Boels Rental Secures €100 Million EIB Financing to Electrify Rental Machinery and Promote Decarbonization

(IN BRIEF) Boels Rental has entered into a €100 million lending agreement with the European Investment Bank (EIB) to advance its decarbonization efforts in the rental machinery and equipment sector. This partnership is expected to serve as a model for the equipment rental and construction industries. While Boels maintains low emissions, traditional diesel or petrol-powered rental equipment generates emissions when used by customers. By expanding its electric equipment and machinery fleet, Boels aims to significantly reduce downstream emissions. The newly acquired electric equipment will be distributed across Boels branches in various European countries. This financing aligns with Boels’ long-term commitment to green equipment, emphasizing the phased transition away from fossil fuel combustion engines in favor of electric motors, which offer superior performance, energy efficiency, environmental benefits, and health advantages.

(PRESS RELEASE) LUXEMBOURG, 26-Jan-2024 — /EuropaWire/ — The European Investment Bank and Boels Rental have signed a €100 million lending agreement to support Boels’ decarbonisation strategy, which is expected to set an example to the equipment rental sector and the construction sector in general. Although as a company Boels itself already has very low emissions, traditional – diesel or petrol-fuelled – rental equipment does produce emissions when operated by the end users. By further electrifying its rental fleet, machinery and equipment, Boels will thus cut so-called “downstream” emissions significantly.

“Boels is serious about its decarbonisation strategy and, as the EU climate bank, we are here to support that. Electrification of machinery is and will remain an important part of the European Union’s quest to lower our collective carbon footprint. We hope that more companies will follow Boels’ example,” stated EIB Vice-President Kris Peeters.

The newly acquired equipment will be spread over Boels’ branches in, amongst others, the Netherlands, Germany, Sweden, Belgium and Luxembourg.

CEO Pierre Boels added: “This EIB loan shows recognition for our leading position in Europe and the efforts of our sustainable fleet strategy. Our continuous investments in sustainable fleet were already significant in recent years and will further expand, supported by this EIB loan. This results in one of the largest sustainable equipment fleets in Europe, which enables our customers to accelerate their journey to decarbonisation.”

The financing supports Boels’ long-term group-wide strategy and investment plans regarding green equipment, namely to phase out fossil fuel combustion engines wherever feasible. Compared to a diesel engine, using electric motors presents an overall gain in performance, energy efficiency, environmental protection, risk prevention and health. Apart from not having any direct greenhouse gas emissions, electric equipment is more energy efficient, less noisy, has lower vibrations, and also emits less dust and fine particles.

Background information:

In recent years, the EIB has made available billions in financing for Dutch projects in various sectors, including research and development, transport, healthcare and small businesses.

The EIB is the European Union’s bank — the only bank owned by and representing the interests of the EU Member States. The Netherlands owns a 5.2% share of the EIB. It works closely with other EU institutions to implement EU policy and is the world’s largest multilateral borrower and lender. The EIB provides finance and expertise for sustainable investment projects that contribute to EU policy objectives. More than 90% of its activity is in Europe.

Boels Rental Group is one of the largest rental companies in Europe. The group, consisting of Boels Rental and its subsidiary Cramo, offers the broadest range of modern, top-quality equipment and tools accessible anywhere via a network of more than 725 branches in 18 countries. More than 7 000 employees work at Boels Rental Group.

Media Contact:

Tim Smit
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+352 4379 – 89076

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SOURCE: European Investment Bank