All-electric coach operator Ember has secured a £5.6 million loan from ethical investment bank Triodos Bank.
The funds have been used to purchase 14 additional electric coaches, bringing Ember’s total fleet to 38 vehicles, which the company hopes will allow it to add new routes to its network. To support this, Ember is planning to boost its charging capacity through the launch of new charging hubs around Scotland.
Ember has received previous support from Triodos Bank, including a £490,000 loan under the Coronavirus Business Interruption Loan Scheme to buy its first two coaches and a further £4.7 million through this and other government-backed loan schemes. Additional funding for the new coaches has also come from Transport for Scotland’s Scottish Zero Emission Bus Challenge Fund (ScotZeb).
Norrie Cruickshank, senior relationship manager at Triodos Bank UK, said: “Supporting the transition to a low carbon economy is an important objective for us as a bank and to work with a pioneering company in the electrification of transport is an ideal fit for us. We’re excited to have the opportunity to provide further support as Ember continues to expand its provision of high quality, affordable zero-emission transport to a greater number of passengers across more locations.”
Keith Bradbury, co-founder at Ember, added: “Triodos have been with us from the very start of Ember and have adapted their approach as we’ve scaled the business, taking a deeper look into our long-term plans, and understanding what financial backing they could provide to support each phase. Whilst many banks say they are supporting green projects, Triodos stand out from the crowd with their ability to look at a project’s merits from first principles to understand the true impact it can deliver.”
Triodos: a major player in the clean energy space
Triodos Bank is one of the most notable banking and funding partners in the UK clean energy industry today. In April, Harmony Energy received a £10 million credit facility from Triodos Bank to expand its BESS capability, marking the first time the bank provided a standalone loan to the energy storage sector in the UK.
However, some of Triodos Bank’s most significant work is in the community energy sector, where it has become one of the favourite platforms for community energy organisations. Last year, Triodos’ crowdfunding platform launched a new £2 million community energy bond to refinance two 5MW solar farms for the Empower Community Foundation, having previously run a £4.6 million community bond for the same two solar farms.
In May of this year, Bristol Energy Cooperative launched a share offer with Triodos to raise £1 million and bring an additional 1MW od solar energy to the co-operative’s portfolio.
