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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.

Follow @midsenginv


There are 10 Growth Hubs located across the #Midlands. As centres for business support, they can help firms access expert advice and finance. Find your nearest here: https://t.co/47oT5NP7xK https://t.co/7nMpdgbfK9 MidsEngInv photo

Northampton-based Overnet Data is creating five new jobs after receiving a £90k boost from #MEIF and @1st_Enterprise.

The firm will also use the funding to continue developing its IT services software.

Read more via @TBDEastMidlands: https://t.co/ae4Dv0sQY7 https://t.co/7pNkyIPOkG
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The #MEIF aims to transform the finance landscape for smaller businesses in the #Midlands. The fund offers four different finance types including debt and equity investment.

Find out more information here: https://t.co/ClV3f3Y553 https://t.co/H6yHd27qYN
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For the latest #MEIF deals and fund announcements please visit our news page here: https://t.co/eSal7Vh8cu https://t.co/jFh53DDTSs MidsEngInv photo

Green Life Buildings is increasing its manufacturing and distribution capacity after a £600k funding package from #MEIF and @Maven_Midlands.

The Corby-based construction technology firm is also creating seven new jobs.

Read more via @TBDEastMidlands: https://t.co/IhTVn0O5a2 https://t.co/10ZptIwpkH
MidsEngInv photo

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Follow @midsenginv


There are 10 Growth Hubs located across the #Midlands. As centres for business support, they can help firms access expert advice and finance. Find your nearest here: https://t.co/47oT5NP7xK https://t.co/7nMpdgbfK9 MidsEngInv photo

Northampton-based Overnet Data is creating five new jobs after receiving a £90k boost from #MEIF and @1st_Enterprise.

The firm will also use the funding to continue developing its IT services software.

Read more via @TBDEastMidlands: https://t.co/ae4Dv0sQY7 https://t.co/7pNkyIPOkG
MidsEngInv photo

The #MEIF aims to transform the finance landscape for smaller businesses in the #Midlands. The fund offers four different finance types including debt and equity investment.

Find out more information here: https://t.co/ClV3f3Y553 https://t.co/H6yHd27qYN
MidsEngInv photo

For the latest #MEIF deals and fund announcements please visit our news page here: https://t.co/eSal7Vh8cu https://t.co/jFh53DDTSs MidsEngInv photo

Green Life Buildings is increasing its manufacturing and distribution capacity after a £600k funding package from #MEIF and @Maven_Midlands.

The Corby-based construction technology firm is also creating seven new jobs.

Read more via @TBDEastMidlands: https://t.co/IhTVn0O5a2 https://t.co/10ZptIwpkH
MidsEngInv photo

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