Wrightbus has said it will target sales of its hydrogen and electric buses in Germany, the US, Singapore and Hong Kong with the help of £50 million government-backed funding.
UK Export Finance has given the Ballymena bus maker a guarantee for 80% of a loan which has been provided by Barclays Bank. It said the move will give Wrightbus “critical working capital” and a more flexible way to deploy funds to support the business.
Initially, it is focused on breaking into new markets in Germany and the US, as well as growing its exports to Singapore and Hong Kong.
Wrightbus introduced the world’s first hydrogen-powered double-decker bus in 2020, and also produces and exports electric-powered single and double-decker buses. The business is aiming to manufacture 3,000 zero-emissions buses by 2024, comprising 10% of the UK’s total fleet.
Jean-Marc Gales, Wrightbus at CEO, said welcomed the latest funding.
“UKEF and Barclays’ support has been fundamental to the development of Wrightbus,” he said. “The flexible products suit the needs of our business, which is growing exponentially and requires financial headroom.
“We are excited about our next phase and working within the Ballymena and wider Northern Ireland community to deliver innovative British technology to the global market.”
The finance itself is made up for £32 million of new funding in addition to £18 million of more flexible working capital funding. UK Export Finance will cover £40 million of the total £50 million.
Minister for Investment Lord Johnson, who visited Wrightbus last week, praised the company.
“Wrightbus is a fantastic example of a British business seizing the vast exporting opportunities around the world and embracing clean growth,” he said. “UK Export Finance support for Wrightbus will be a great boost to its exporting journey, helping the company to create more local growth and jobs.
“This is the type of success we will build on at this autumn’s Northern Ireland Investment Summit, which will be a catalyst for securing more investment, creating more jobs and empowering more businesses to seize exporting opportunities.”
