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Wrightbus receives £50 million to boost exports of electric
and hydrogen-powered buses supported by a loan guarantee from
the UK’s export credit agency.
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The company plans to double its workforce in the next three
years, creating 1,000 new local green jobs.
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Government backing will enable Wrightbus to sell its electric
and hydrogen-powered, zero-emission buses to new markets in
Europe and North America.
A guarantee from UK Export Finance (UKEF) has provided Northern
Ireland-based bus manufacturer Wrightbus with £50 million in
financing to support its ambitious exporting strategy. This
Export Development Guarantee sees the UK’s export credit agency
guarantee 80 percent of the loan from Barclays Bank.
This financing builds on previous government
support announced last year, helping deliver on the
Prime Minister’s priority of keeping the economy growing. The
development gives Wrightbus critical working capital support as
well as a more flexible way to deploy the funds to support its
business needs.
This will enable Wrightbus to deliver orders to new markets, such
as Germany and North America, as well as additional orders in
existing markets like Singapore and Hong Kong.
The announcement comes a week after Minister for Investment
visited Wrightbus’ site in
Ballymena, County Antrim as part of a wider visit to Northern
Ireland. There, he met investors and leading businesses ahead of
the Northern Ireland Investment Summit taking place later in the
year.
Minister for Investment said:
Wrightbus is a fantastic example of a British business seizing
the vast exporting opportunities around the world and embracing
clean growth. 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.
The company generated 27% of its revenues from exports in 2022
and seeks to grow this by nearly a fifth by the end of 2023
thanks in part to the UK government’s support. To facilitate this
growth, Wrightbus plans to double its workforce by 2026, creating
1,000 new green jobs with most of the roles based at the
company’s Ballymena hub.
The company’s hydrogen-powered, zero-carbon buses are in strong
demand globally with over 600 buses of all types expected to be
delivered by the end of 2023, up from 450 last year. Wrightbus
now has the largest hydrogen fleet in the UK, with 100 buses in
operation.
Jean-Marc Gales, Wrightbus CEO, said:
UKEF and Barclays’ support has been fundamental to the
development of Wrightbus. 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.
James Binns, Global Head of Trade and Working Capital,
Barclays said:
Barclays are proud to work alongside UKEF to enable British
companies to get the competitive edge when it comes to exporting.
This new funding builds on our previous support to Wrightbus,
providing crucial flexibility which will enable further growth in
exports and domestically, continuing the vital pivot towards
zero-emission sales.
Based in County Antrim, Northern Ireland, 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. Wrightbus last month received a further £12 million in
joint government and industry-backed funding.
