Wrightbus to hire 300 new workers after £26m UK Export Finance deal

UK Export Finance (UKEF) is providing the bus manufacturer with an 80% guarantee on its financing deal from Barclays.

The government guarantee is on an £18m Green Trade Loan and £8m Green Bank Guarantee, allowing Wrightbus to export its zero emission buses to new export markets.

Wrightbus introduced the world’s first hydrogen-powered double deck bus in 2020, and also produces electric-powered single and double-deck buses for export globally. The business is aiming to manufacture 3,000 zero-emissions buses by 2024, comprising 10% of the UK’s total fleet.

The production of zero-emission vehicles is a capital-intensive process and Wrightbus needed to bridge the gap from the warehouse to road-ready. 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.

Wrightbus is expanding its exporting operations globally, with sights set on expanding into Italy, France, Spain and South-East Asia. The business hopes to grow exports to over 40% of turnover as demand increases globally. It will also look to make 300 further hires to support its growth ambitions, bolstering local jobs in the region.

Trade Secretary Kemi Badenoch MP, said: “It’s fantastic to see Great British companies like Wrightbus take full advantage of the opportunities exporting opens up. 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.

"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.”

Ben Werth, Wrightbus chief commercial officer, explained: “At Wrightbus, we are entering the next stage of our growth plan, growing our export volume from our UK base and becoming one of the leading battery electric and hydrogen bus manufacturers in Europe. UKEF’s support will help us on our global growth path.”

Richard Lowe, head of UK Large Corporate at Barclays Corporate Banking, added: “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.”