Eight-figure funding means company can supply up to 600 zero emission buses
A Wakefield-based company has secured a significant order of electric buses for the UK with the support of an eight-figure funding package from HSBC UK.
Pelican Engineering has expanded its existing Green Loan and Sustainable Trade Instrument Facility from HSBC UK, previously borrowing £60m in 2022, to now securing more than £90m.
This is enabling the supply of up to 600 new battery electric zero emission buses from Yutong, a Chinese manufacturer, which will then be purchased by UK bus operators.
Pelican Bus and Coach, part of Pelican Engineering, is the sole UK and Ireland importer and distributor for the Zhengzhou Yutong Bus.
The new vehicle order will grow the number of Pelican supplied Yutong buses operating in the UK to nearly 1,000.
This latest order of vehicles imported with HSBC UK funding includes fully electric single deck E10 and E12 buses, over 100 GTe14 long range electric intercity coaches, 123 electric U11DD double deckers and electric wide body airside buses.
Collectively, the 600 buses supplied by Pelican Engineering with support from HSBC UK will save an estimated 27,600,000 kgs (27,600 tonnes) of CO2 emissions from British transport.
Pelican-supplied Yutong buses are in operation across the UK, servicing routes in Glasgow, Aberdeen, Inverness, Edinburgh, Carmarthen, Cardiff, Leicester, Newport, Leeds, Chesterfield, Stockton and Newcastle.
The £93.5m Green Loan and Sustainable Trade Instrument Facility will position Pelican as one of the largest zero emission bus suppliers in the UK.
Richard Crump, managing director at Pelican Bus and Coach, said: “HSBC UK has shared our vision and commitment to putting more electric buses into service across the UK since they funded our very first electric bus in 2017."
For more information and the source, visit: Pelican Engineering secures eight-figure funding deal from HSBC UK