Credit: Wrightbus
Ulster Bank provides fresh funding in support of zero-emission bus production plans
Ulster Bank has agreed to provide zero-emission bus manufacturer Wrightbus with £32.5m of funding to support the company's working capital requirements as it continues to ramp up production.
The Natwest subsidiary's funding forms part of a £150m facility announced by the Northern Ireland-based bus maker in May, when it agreed a finance package from HSBC UK to more than double its existing funding.
Ulster Bank's investment features a revolving credit facility allowing Wrightbus to borrow, repay, and borrow again up to a predetermined credit limit. The financing package aims to help enable the long build-cycle of zero-emissions buses, as Wrightbus works to accelerate production at its factories.
Rescued from administration in 2019 by entrepreneur Jo Bamford, Wrightbus now employs more than 2,300 people and produces 1,200 buses per year - 95 per cent of which are zero-emission models.
The firm has pledged to deploy a further 1,400 electric buses across the UK by 2026, off the back of a record-breaking 2024 in which it produced over 1,000 new zero emission buses.
Wrightbus said it expected to produce 1,200 zero emission vehicles this year, including "the world's most efficient" double-deck and single-deck electric bus, dubbed the Wrightbus StreetDeck Electroliner.
"We are particularly proud that our 2,300-strong workforce generates a further 7,500 jobs in the supply chain, but this arrangement with Ulster Bank proves that the ripple effect of our success is also felt right here in Northern Ireland," said Jean-Marc Gales, CEO of Wrightbus. "To have a bank on our doorstep which understands our needs, our ambitions and our culture is vital in our push for growth."
The update comes after Wrightbus joined a group of major energy and manufacturing firms in backing a £6.5bn "clean hydrogen mega-project", which aims to scale up 1GW of green hydrogen production capacity in support of efforts to accelerate industrial decarbonisation across the UK.
Dubbed Project HySpeed, the project brings together British Gas-owner Centrica, cement manufacturer Heidelberg, green hydrogen electrolyser specialist ITM Power, construction equipment firm JCB, chemicals and tech specialist Johnson Matthey, and National Gas.
The bus maker also recently committed £25m to expanding its research and development efforts to create a fleet of next generation zero-emission hydrogen and electric buses and coaches, and unveiled four new electric vehicles to be sold across the UK, Ireland, and Europe under its launched Rightech brand in January.
"Ulster Bank is very pleased to support Wrightbus as it leads the way in decarbonising public transport globally and in doing so, creating employment and economic benefit in Northern Ireland," said Damien Long, corporate banking relationship director at Ulster Bank.
"This is an important facility for the company that will provide it with the flexibility to ramp up production to meet demand and will help put it in a strong position to deliver on its ambitious growth plans."
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