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7th May 2020

Coventry electric taxi manufacturer recruiting 50 employees following £1.25m loan

A Coventry-based manufacturer responsible for producing all electric black taxis - ‘Hackney Carriages’ - approved by Transport for London has secured a £1.25m loan.

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 the 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 its 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.”

Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said:

“Dynamo is another example of an innovative automotive company in the area and the response to the demand for its vehicles has been strong from throughout the world. This new investment will enable the business to realise its ambitions as well as help to reduce air pollution.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

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Staffordshire-based @JenniferSkin is set to expand into new #international markets following investment from #MEIF and @Midven.

Find out more about the firm's plans here: https://t.co/c7Gi8P4iiv https://t.co/E7a5OslYdM
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With 10 located across the #Midlands, find your local #GrowthHub here: https://t.co/TgkARfQcA7 https://t.co/rF0DFSnwya
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Whether you are an #entrepreneur looking to start a business or an #SME looking to grow, you may find it difficult obtaining the finance you need.

#MEIF Small Business Loans can be used to fill funding gaps.

Find out more: https://t.co/UL95xCT6Fk https://t.co/fxfbpL9mYz
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65% of #MEIF investee firms reported increased skills in their workforces according to our Early Assessment Report.

Find out more about the fund's impact on job creation and skills here: https://t.co/NnfU2oqVQm https://t.co/eo7eT08AGl
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Follow @midsenginv

Staffordshire-based @JenniferSkin is set to expand into new #international markets following investment from #MEIF and @Midven.

Find out more about the firm's plans here: https://t.co/c7Gi8P4iiv https://t.co/E7a5OslYdM
MidsEngInv photo

Keep up to date with the latest news, views and deals on our #MEIF LinkedIn.

Connect here: https://t.co/2ArDcrrsVn https://t.co/HhkX00kyVb
MidsEngInv photo

Growth Hubs can help connect entrepreneurs, start-ups and larger businesses with the support they need to grow.

With 10 located across the #Midlands, find your local #GrowthHub here: https://t.co/TgkARfQcA7 https://t.co/rF0DFSnwya
MidsEngInv photo

Whether you are an #entrepreneur looking to start a business or an #SME looking to grow, you may find it difficult obtaining the finance you need.

#MEIF Small Business Loans can be used to fill funding gaps.

Find out more: https://t.co/UL95xCT6Fk https://t.co/fxfbpL9mYz
MidsEngInv photo

65% of #MEIF investee firms reported increased skills in their workforces according to our Early Assessment Report.

Find out more about the fund's impact on job creation and skills here: https://t.co/NnfU2oqVQm https://t.co/eo7eT08AGl
MidsEngInv photo

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