EcoMove, a company that sells zero-emissions electric mopeds, bikes and scooters, has received a £220,000 loan to support its growth strategy and help refurbish its flagship store.
The recently established retailer has worked with Triodos Bank UK to secure lending as part of the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The store, based in Bristol, opened this June and underwent an extensive refurbishment in October, in partnership with the manufacturer NIU. The improvements included the construction of an inside test track, offering potential customers a safe environment to try out the full range of electric scooters, e-bikes and e-mopeds.
EcoMove’s mission is to bring a full range of all electric products to the mainstream UK market and introduce current petrol car and motorbike drivers to clean, quiet and efficient electric transport.
While EcoMove has been well placed to benefit from an increase in commuters looking for solo travel options during lockdown, it has also been adversely affected by Covid-19. The pandemic delayed the opening of the Bristol store and it has seen a reduced footfall of customers because of lockdown restrictions. Due to this, EcoMove met the criteria to access funding through CBILS, the scheme set up by the government to provide financial support to SMEs while offering lenders a government-backed guarantee.
Teddy Thompson, co-founder of EcoMove, said: “Whether a journey is just five miles or 50 miles, we want to open up the e-transport market to new demographics: introducing people to green and carbon-free forms of transport. We also want to reach existing riders, helping them see the benefit to themselves and the planet when converting their existing petrol bikes to electric. Ultimately, this funding will allow us to grow the business and help people get where they want to go quickly and cost effectively, whilst reducing the negative impact of commuting on the environment.”
Rob Keegan, sustainable lending team manager at Triodos Bank UK, said: “It’s great to see a small business making ambitious waves in the market. EcoMove’s passion for sustainable transport is inspiring and its aim to promote a more eco-friendly commute is a goal that aligns with Triodos Bank’s own to support a sustainable transport future. We are proud to support its pioneering work and look forward to seeing how EcoMove’s success develops.”