Eco Charger, based in Ilfracombe, North Devon, has doubled its working capital facility from HSBC UK to £350k through UK exporter finance General Export Facility (GEF). This flexible financing allows the business to import bicycle frames in much larger and more standardized quantities, speeding up production.
Russell Crisp, CEO of EcoCharger, said:
We are very grateful for UKEF’s support to allow HSBC UK to double our facility, ensuring we maintain our current growth strategy. Our trading revenue is doubling year-on-year, so the funding will help us expand our supply chain to meet the growing global demand for our innovative bikes.
The deal reflects the government’s commitment to green trade, which International Trade Secretary Anne-Marie Trevelyan MP set out in her speech in May. Increasing green exports is key to not only achieving net zero, but also stimulating green growth to create jobs and increase productivity.
Exports Minister Andrew Griffith MP added during a visit to the EcoCharge factory.
The Comprehensive Export Facility was launched to provide quick and easy financial support to small businesses looking to increase their export capacity.
Eco Charger is exactly the kind of company that UK Export Finance had in mind when it launched this product. This support has allowed them to sell high quality eco-friendly quad bikes to the world and I hope others will follow the path blazed by EcoCharger.
Eco Charger was established in 2011. In 2011, founder Fred Chugh recognized a gap in the market for electric all-terrain vehicles (ATVs). This support allowed the business to expand into the US, Europe and Australia, where exports tripled last year.
This has enabled Eco Charger to double its workforce, creating highly skilled, environmentally friendly jobs across the UK.
Built to the highest standards and built to meet green credentials, EcoCharge vehicles operate in many global sectors including eco-tourism, agriculture, police and public services.
David Butler, Director of Business Banking South West at HSBC UK, added:
We are delighted to support EcoCharger’s continued expansion as a leader in sustainable automation development and manufacturing, both in the UK and globally. We look forward to continuing our relationship with EcoCharge as the business recently opened its first office in South Carolina.
