Boost for quad bike producer
THE world’s first all-electric quad bike business has secured additional funding from HSBC UK with the support of UK Export Finance to invest in its supply chain and fund expansion in North America.
Eco Charger, which has its headquarters and factory in Westonsuper-Mare, has doubled its working capital facility from HSBC UK to £350,000 thanks to the UK Export Finance’s General Export Facility (GEF). This flexible funding allows the business to import bike frames in much larger and regular quantities, speeding up production.
Russell Crisp, executive chairman of Eco Charger, which was founded by Devon-based entrepreneur Fred Chugg, said: “We’re extremely grateful for UKEF’s support in allowing HSBC UK to double our facility, ensuring we are maintaining our current growth strategy.
“Our business revenue is doubling year on year, so the funding will massively help us broaden our supply chain to meet the increasing global demand for our innovative bikes. This deal demonstrates the Government’s commitment to green trade.”
During a visit to the Eco Charger factory, Andrew Griffith MP, Minister for Exports, said: “The General Export Facility was launched to provide financial support that is quick and easy to access for ambitious small businesses looking to grow their exporting capacity.
“Eco Charger is exactly the sort of company UK Export Finance had in mind when launching this product. This support has enabled them to sell more high-quality eco friendly quad bikes to the world.
“Boosting green exports is key to not only achieving net-zero but also stimulating green growth to create jobs and boost productivity.”
Eco Charger was set up in Ilfracombe, Devon, in 2011, when Mr
Chugg recognised a gap in the market for electric-powered all-terrain vehicles (ATVs). The business is now able to expand into North America, Europe and Australasia, more than tripling its exports in the last year. This has enabled Eco Charger to double its workforce, creating highskill environmentally friendly jobs across the UK.
David Butler, area director for
Business Banking South West at HSBC UK, said: “We’re delighted to be supporting Eco Charger’s ongoing expansion as a leader in British and global, sustainable automation development and manufacturing. We look forward to continuing our relationship during an exciting time for Eco Charger, as the business recently opened its first office in South Carolina.”