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 拢50 million government-backed funding.

海角视频 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 鈥渃ritical working capital鈥 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鈥檚 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 海角视频鈥檚 total fleet.

Jean-Marc Gales, Wrightbus at CEO, said welcomed the latest funding.

鈥満＝鞘悠礒F and Barclays鈥 support has been fundamental to the development of Wrightbus,鈥 he said. 鈥淭he flexible products suit the needs of our business, which is growing exponentially and requires financial headroom.

鈥淲e 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.鈥

The finance itself is made up for 拢32 million of new funding in addition to 拢18 million of more flexible working capital funding. 海角视频 Export Finance will cover 拢40 million of the total 拢50 million.

Minister for Investment Lord Johnson, who visited Wrightbus last week, praised the company.

鈥淲rightbus is a fantastic example of a British business seizing the vast exporting opportunities around the world and embracing clean growth,鈥 he said. 鈥満＝鞘悠 Export Finance support for Wrightbus will be a great boost to its exporting journey, helping the company to create more local growth and jobs.

鈥淭his is the type of success we will build on at this autumn鈥檚 Northern Ireland Investment Summit, which will be a catalyst for securing more investment, creating more jobs and empowering more businesses to seize exporting opportunities.鈥