Citi has signed a deal with Deutsche Bank to develop a program for electric appliance buyers, which will see it offer customers a choice of electricity providers, including the biggest companies in Europe, if they want to have their own certification scheme.
The first batch of about 4,000 certified electric appliances will be made available to the public in March 2018, the Citi-Deutsche Bank group said in a statement.
Citi, one of the world’s largest financial institutions, has long been focused on building its reputation in the electric appliance business.
The company has been a long-time partner of the global Electric Power Research Institute, or EPRI.
“Citi is proud to partner with Deutsche on this ambitious programme, which could help accelerate the transition to electric appliances, helping the sector to expand,” the group said.
“This partnership will help us deliver on our promise of being a global leader in electric appliances certification.”
Citi and Deutsche Bank will collaborate to develop and deliver a program that will enable consumers to choose their electric appliance supplier based on the customer’s specific needs, and the best quality, reliability and price.
“Electric appliances are the next generation of products that enable people to deliver their needs at their own pace,” said Ritesh Pandey, head of business development for Citi Group.
“We are delighted to join this exciting programme to ensure that our customers can benefit from our expertise and expertise in the areas of power and smart grid solutions.”
Electric appliances have been a key growth area for C&B and the world is seeing more electric appliances being built, particularly in China.
In 2018, China’s electricity demand for new electric appliances reached 1.5GW, which is 10 times the amount of electricity needed to power the entire country.
In 2018, about a quarter of the 1.2GW electricity demand was generated by Chinese electric appliances.
Electric appliances account for about 40 percent of China’s energy consumption.