The recently established retailer has worked with Triodos Bank UK to secure lending as part of the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The store, based in Bristol, opened this June and underwent an extensive refurbishment in October, in partnership with the manufacturer NIU. The improvements included the construction of an inside test track, offering potential customers a safe environment to try out the full range of electric scooters, e-bikes and e-mopeds.
EcoMove’s mission is to bring a full range of all electric products to the mainstream UK market and introduce current petrol car and motorbike drivers to clean, quiet and efficient electric transport.
While EcoMove has been well placed to benefit from an increase in commuters looking for solo travel options during lockdown, it has also been adversely affected by Covid-19. The pandemic delayed the opening of the Bristol store and it has seen a reduced footfall of customers due to lockdown restrictions. Due to this, EcoMove met the criteria to access funding through CBILS, the scheme set up by the government to provide financial support to SMEs while offering lenders a government-backed guarantee.
Teddy Thompson, co-founder of EcoMove, said:“Whether a journey is just five miles or 50 miles, we want to open up the e-transport market to new demographics: introducing people to green and carbon-free forms of transport. We also want to reach existing riders, helping them see the benefit to themselves and the planet when converting their existing petrol bikes to electric. Ultimately, this funding will allow us to grow the business and help people get where they want to go quickly and cost effectively, whilst reducing the negative impact of commuting on the environment.”
Rob Keegan, sustainable lending team manager at Triodos Bank UK, said: “It’s great to see a small business making ambitious waves in the market. EcoMove’s passion for sustainable transport is inspiring and its aim to promote a more eco-friendly commute is a goal that aligns with Triodos Bank’s own to support a sustainable transport future. We are proud to support its pioneering work and look forward to seeing how EcoMove’s success develops.”
Notes to editors
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EcoMove aims to open up the e-moped market to a new demographic: urban commuters, students, women; harnessing social media to introduce people to the product and its advantages. It also wants to reach existing bikers, with a view to converting existing petrol bikes to electric.
Ultimately, EcoMove wants to help people get to where they want to go quickly and cost effectively whilst reducing the negative impact on the environment.
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 63 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.