Northern Ireland-based bus manufacturer Wrightbus has received a financial boost for its export strategy with a £50 million guarantee from UK Export Finance (UKEF). This guarantee ensures that 80 percent of the loan provided by Barclays Bank will be backed by the UK’s export credit agency. The financing will enable Wrightbus to fulfill orders in new markets, including Germany and North America, as well as expand its presence in existing markets such as Singapore and Hong Kong.
The Minister for Investment, Lord Johnson, recently paid a visit to Wrightbus’ facility in Ballymena, County Antrim, where he engaged with investors and prominent businesses in preparation for the upcoming Northern Ireland Investment Summit later this year. Expressing his enthusiasm, Lord Johnson stated that the support from UK Export Finance will significantly contribute to Wrightbus’ exporting endeavors, ultimately fostering local growth and generating employment opportunities.
In a separate development, Wrightbus was granted funding from the Advanced Propulsion Centre (APC) last month. This funding aims to facilitate the company’s research and development of battery and fuel-cell technology for multi-axle vehicles. Among seven collaborative automotive projects based in the UK, Wrightbus emerged as a beneficiary of the £77 million investment fund provided by the APC.
The financial backing from UK Export Finance and the grant from the Advanced Propulsion Centre signify significant milestones for Wrightbus as it seeks to expand its market reach and bolster its position within the global bus manufacturing industry. With these forms of support, the company is well-positioned to capitalize on emerging opportunities and contribute to the growth of the local economy.
