Northern Ireland’s bus manufacturer, Wrightbus, has secured a significant £50 million financing package for their hydrogen-powered bus
The Export Development Guarantee, provided by UK Export Finance (UKEF) in partnership with Barclays Bank, ensures 80 per cent loan coverage, empowering Wrightbus to advance its ambitious export strategy
In a continuation of government support announced in the previous year, Wrightbus secures further financing, aligning with the Prime Minister’s economic growth agenda for clean energy.
This funding not only provides critical working capital support to Wrightbus but also its goal to promote clean energy and sustainability towards public transport.
UK Minister’s backing for sustainable transport
Wrightbus is set to enter new markets like Germany and North America as a top hydrogen-powered bus company while meeting increased demand in existing markets such as Singapore and Hong Kong, thanks to the support provided, enabling the company to deliver orders and expand its operations.
The announcement comes a week after Minister for Investment Lord Johnson 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.
Lord Johnson commends Wrightbus as an exemplary British business that capitalizes on global exporting prospects and embraces sustainable growth.
He stated “Wrightbus is a fantastic example of a British business seizing the vast exporting opportunities around the world and embracing clean growth”
Bold export goals and job creation when it comes to the hydrogen-powered bus
Wrightbus aims to increase its export revenues by almost 20% by the end of 2023, benefiting from support from the UK government. To facilitate this expansion, the company plans to double its workforce by 2026, creating 1,000 new green jobs primarily based in Ballymena.
With a growing global demand for its zero-carbon, hydrogen-powered buses, Wrightbus anticipates delivering over 600 buses by the end of 2023, compared to 450 in the previous year. With 100 buses already in operation, Wrightbus boasts the largest hydrogen fleet in the UK.
Wrightbus boasts the largest hydrogen fleet in the UK
Jean-Marc Gales, Wrightbus CEO, expressed his sentiments on the new: 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.
Wrightbus, headquartered in County Antrim, Northern Ireland, made headlines in 2020 with the introduction of the pioneering hydrogen-powered double-decker bus. Additionally, the company manufactures and exports electric-powered single and double-decker buses.
produce 3,000 zero-emissions buses by 2024, which would make up 10% of the entire UK fleet
With ambitious goals, Wrightbus is determined to produce 3,000 zero-emissions buses by 2024, which would make up 10% of the entire UK fleet. Recently, the company secured an additional £12 million in funding backed by both the government and industry, further fueling its innovative pursuits
