Wrightbus Receives £150 Million Financing to Supercharge Global Expansion
Key Ideas
  • Wrightbus secures a £150 million financing package from HSBC UK to accelerate its expansion into low-carbon transport solutions globally.
  • The funding will support the company's growth, investment in next-gen technologies, and diversification of product lineup, boosting its presence in both Northern Ireland and Malaysia.
  • Two key business units, NewPower and Rightech, are at the forefront of converting diesel buses into electric vehicles and producing battery-electric vehicles, respectively.
  • The deal is hailed as a pivotal milestone by Wrightbus CEO and is seen as a significant step towards decarbonizing public transport with electric and hydrogen-powered buses.
Wrightbus, the Northern Ireland-based manufacturer known for its zero-emission buses, has received a substantial £150 million financing package from HSBC UK. This funding aims to propel the company's expansion into low-carbon transport solutions on a global scale. With a focus on sustainability and innovation, Wrightbus plans to double its existing funding lines to enhance its position in the sustainable mobility sector from Ballymena to Brisbane. Since its notable revival in 2019 under entrepreneur Jo Bamford, Wrightbus has evolved into a key player in the industry, employing 2,300 individuals and producing 1,200 buses annually, most of which have zero tailpipe emissions. The company not only builds new clean buses but also revitalizes existing fleets through its NewPower and Rightech business units. NewPower specializes in repowering conventional diesel buses into fully electric vehicles, offering a viable solution for transit providers looking to decarbonize without replacing their entire fleets. On the other hand, Rightech focuses on manufacturing ready-to-go battery-electric vehicles, emphasizing quality and performance. The financing package from HSBC UK includes working capital and hedging support, enabling Wrightbus to ramp up production in Northern Ireland and Malaysia, invest in new technologies, and expand its product range. Wrightbus CEO, Jean-Marc Gales, emphasized the significance of the deal in advancing the company's growth and commitment to decarbonizing public transport with electric and hydrogen-powered buses. The support from HSBC UK and asset management firm HYCAP will facilitate Wrightbus in leading the way towards a new era of buses, promoting UK manufacturing on a global scale. With ambitions to broaden its international reach, particularly in the Asia Pacific market, Wrightbus is poised to make a lasting impact on the transportation industry with its sustainable solutions.
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