The government guarantee is on an £18m Green Trade Loan and £8m Green Bank Guarantee which will allow Wrightbus to export its zero emission buses to new markets.
Based in Ballymena, Wrightbus introduced the world’s first hydrogen-powered double deck bus in 2020, and produces electric-powered single and double-deck buses for export globally. The business is aiming to manufacture 3,000 zero-emissions buses by 2024, which comprises 10 per cent of the UK’s total fleet.
In a statement, Ben Werth, Wrightbus Chief Commercial Officer, said: “At Wrightbus, we are entering the next stage of our ambitious growth plan, significantly growing our export volume from our UK base and becoming one of the leading battery electric and hydrogen bus manufacturers in Europe.”
With orders of over 200 buses from customers, such as the National Transport Authority in the Republic of Ireland, UKEF and Barclays support has enabled Wrightbus to scale up production to meet this demand.
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Wrightbus is expanding its exporting operations globally, with ambitions to expand into Italy, France, Spain and South-East Asia. The business hopes to grow exports to over 40 per cent of turnover as demand increases globally. It will also look to hire 300 staff to support its growth ambitions.
“It’s fantastic to see Great British companies like Wrightbus take full advantage of the opportunities exporting opens up,” said trade secretary Kemi Badenoch. “By expanding into new markets, building on wins secured from our UK-Australia trade deal, and this new UKEF-backed support, they are driving growth and creating high-skilled green jobs in Northern Ireland.”
Richard Lowe, head of UK Large Corporate at Barclays Corporate Banking, added: “WrightBus continues to drive the net-zero agenda in the public transport sector and we are pleased to play a part in their significant ambitions to export this expertise. Barclays are committed to supporting businesses with a strong environmental focus and are pleased to provide financing solutions to deliver the rapid growth of this NI headquartered manufacturer.”
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