Coventry-based fully electric taxi manufacturer Dynamo has secured a £1.25million loan to recruit and train new employees in a bid to grow production output.
The funding, which was provided by the Midlands Engine Investment Fund and Maven Capital Partners, will enable Dynamo to recruit and train 50 new employees. The firm is also set to scale up its production capacity.
Dynamo produces an electric taxi known as the 'Dynamo taxi'. A fully electric version of London's iconic black cab, the zero-emission vehicle is based on the Nissan e-NV200 and is manufactured in association with Nissan.
Dynamo taxis were launched in Central London, which has a permanent Ultra-Low Emissions Zone (ULEZ), with charges in places for vehicles which do not meet ULEZ's emissions standards. The vehicle provides a charge relief for its drivers while helping to improve air quality.
Brendan O'Toole, CEO at Dynamo, said: "We are delighted to receive this funding package from MEIF Maven Debt Finance. We are extremely passionate about creating a product that is environmentally friendly and meets the needs of both the drivers and passengers. We have been working on our product offering for several years and are looking forward to ramping up production and getting more zero emissions taxis out into the world."
Andy Povey, Investment Manager at Maven, said: "We are pleased to provide MEIF funding to Dynamo. The business is led by an experienced management team that is capable and well suited to driving this project. We are looking forward to supporting the business as it embarks on this new phase of its growth journey."
Grant Peggie, Director at the British Business Bank, said: "The Midlands has a long and proud history of automotive production and Dynamo is demonstrating how the region's firms are continuing to contribute towards sector innovation. MEIF funding continues to provide support to businesses, enabling them to create new jobs and drive productivity, supporting the Midlands Engine economy."
Image credit: Dynamo