‘Tesla of buses’ plans to raise £10m in float

A FORMER Formula One racing engineer is planning to take his company public, with the aim of raising £10m to turn it into the Tesla of buses.

Ian Foley, founder of Equipmake, said he has spotted an untapped global market of 3m, largely diesel-powered buses that could be electrified. He is seeking a £30m valuation for the Norfolk-based maker of electric motors.

“The big opportunity for us is repowering, that’s a huge opportunity,” he said. “Especially as we are living in more difficult economic times, it’s become more and more relevant.”

A fan of Elon Musk, and his model of having as much Tesla development inhouse as possible, Mr Foley said he can similarly develop his buses at speed with most products made by Equipmake from start to finish.

“I couldn’t find the right battery pack, so we did our own battery pack. And I couldn’t find the right parts for the [ventilation system], so we did our own,” he said. “What it means is, as we develop the system, all those people are sitting next to each other in the office, talking to each other, so we’re developing the system and integrating it all at the same time.”

Mr Foley insisted that batteries are a better option to power buses, as opposed to the more commonplace option of hydrogen, as they convert power from the grid more efficiently.

Equipmake strips out the diesel engine and fuel tank and uses that space for batteries. A two-ton battery pack can provide about 15 hours of travel, allowing for five hours to recharge. The batteries ought to last about seven years before being replaced. Ultimately, it aims to achieve a 250-mile range.

The company will also sell buses designed from scratch with a higher capacity and lighter parts for longer routes, alongside plans to bulk out the workforce from 75 to about 250 over the next few years as the business expands.