This Kiwi battery powered creation is set to change the world of tower cranes - and the environment.

When we look at tower cranes populating a city, we often see giant construction devices belching diesel fumes into the skyline.

However, Tom Williams, Kiwibank’s Head of Sustainable Finance, now sees a different picture. He sees a world-leading technology, a new high-value export and a big win for the environment.

That’s because Williams and Kiwibank are backing Elliot Peacocke and his Cranepower company, an engineer who has invented a clean, quiet and sustainable power pack for cranes, with no further need for diesel power or large transformers.

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Watch our episode on Cranepower in our Business for Better series, created in partnership with TVNZ Sunday.

Most of the worlds 100,000 tower cranes are diesel powered, with some electrically powered through the grid. Cranepower’s innovation, clear commercial purpose and sustainability caught our attention – and Williams points out there are around 1,000 tower cranes at work in New Zealand and Australia.

"If we can help him get into that market, get more of these units out there, not only does it help them scale up and prove the technology, but every single one of his units that go around Australia, around New Zealand, are reducing diesel consumption, reducing emissions and reducing noise."

That's a good outcome for everyone near the construction site and it's a good outcome for the Kiwi economy because we've got a high-value high-tech product being exported.
Tom Williams, Head of Sustainable Finance

We're in the business of backing innovation and "we’re really supportive of all businesses big and small, but really love those businesses that have a new idea, who are purpose driven and are looking to add value or lead change."

As history has often proven, many good ideas never come to fruition, but Peacocke was able to pique our interest. Williams says: "This is true Kiwi ingenuity - having an idea, going about solving it and then building it. What Elliot wanted was to make something better than what was there before and for everyone to get on board with it."

Kiwibank have been really supportive since day one. For instance, they helped us to finance our rental assets.
Elliot Peacocke, Cranepower founder

"They went out on a limb because they were a new kind of asset and they weren't really sure what the demand was like. They could see the obvious benefits of the product and went, yep, we're going to support this, has been a huge help."

Williams says the strength of the relationship between Cranepower and Kiwibank is that they’ve been together from the outset.

"Right from the start, when Elliot was creating his concept, he formed a relationship with two business bankers in particular. They’ve been with him all the way. Knowing your banker really does matter in business banking."

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