Devon electric quad business secures six-figure finance package from HSBC UK
The world’s first all-electric quad bike business has secured a six-figure funding package from HSBC UK to increase production, allowing it to meet rising demand.
Eco Charger, based in Ilfracombe, North Devon, will use the funding to increase production and invest in its supply chain due to increasing global demand for its high-quality, eco-friendly quad bikes.
The Eco Charger business was born back in 2011, when founder Fred Chugg recognised a gap in the market for electric powered all-terrain vehicles (ATVs). Since then, the business has been able to expand overseas to America and Australia.
Built to high specifications and to meet green credentials, Eco Charger’s cutting-edge vehicles operate in numerous global sectors, including eco-tourism, farming, policing and public services.
Russell Crisp, Executive Chairman of Eco Charger, said: “Our vehicles encapsulate British ingenuity, craftsmanship, and our ongoing determination to produce premium ‘workhorses’. Our vehicles are constantly being innovated into products that fuse together nature and technology, as seen in our recent move to lithium power. We’re fortunate that our business doubled in size during the pandemic and we’re continuing to see increased global demand for our bikes.
“We’re grateful for the support HSBC UK has given us from the very beginning, when Eco Charger was just a far-fetched idea. We couldn’t have expanded the way we have without the support of the bank and our relationship manager, Gareth Clarkson.”
David Butler, Area Director for Devon, Cornwall and Somerset at HSBC UK, added: “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 grows to meet high demand.”
Rob King, Head of Sustainable Finance at HSBC UK, added: “This is a great example of an innovative business. Supporting UK Businesses with their sustainability ambitions is an important part of our commitment to help our customers thrive in the transition to net zero.”