Bus maker Wrightbus has bagged £26m in government-backed funding to expand its operations into Europe and South-East Asia.
Under the agreement’s terms, the UK Export Finance will indemnify an £18m Green Trade loan as well as an £8m Green Bank guarantee provided by Barclays.
“It’s fantastic to see Great British companies like Wrightbus take full advantage of the opportunities exporting opens up,” commented trade secretary Kemi Badenoch.
“I am proud the government is supporting British firms to go further, exporting their cutting-edge clean technology to new markets, cutting emissions and boosting jobs across the United Kingdom.”
Based in Ballymena, Wrightbus made the headlines in 2020 when it manufactured the world’s first hydrogen-powered double decker.
The Northern Irish firm aims to produce 3,000 net-zero buses by 2024, expanding operations into the likes of Italy, Spain and France.
This will help increase exports to over 40 per cent of total turnover.
“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,” said Wrightbus’s chief commercial officer Ben Werth.