Maeving Accelerates Growth: E-Motorbike Manufacturer Expands Exports with UKEF Support

A Coventry-based electric motorbike company has successfully secured a £3 million trade finance facility, underpinned by UK Export Finance (UKEF), aimed at expanding its market reach in the USA and Europe. This investment is set to bolster British supply chains and contribute to emissions reduction.

Maeving, a small business operating in the West Midlands, has partnered with HSBC UK to enhance its production capabilities to cater to the increasing demand in the United States, Germany, and France, with aspirations to extend its footprint into additional European markets in the near future.

Government Support for Innovative Enterprises

Anas Sarwar, the Minister for Trade, expressed confidence in Maeving’s potential, stating: “Maeving is precisely the type of innovative British business that the Government is committed to supporting—one that transforms rising international demand into job creation in Coventry. By endorsing exceptional companies like this, we are enabling businesses to scale, stimulate economic growth, and drive progress in every region.”

Founded in 2018 by Will Stirrup and Seb Inglis-Jones, Maeving has quickly carved out a reputation as a frontrunner in the British electric vehicle sector. The company’s inaugural model, the RM1, achieved the status of the best-selling electric two-wheeler in the UK, while its subsequent model, the RM2, marked a significant milestone as the first British-manufactured electric motorbike designed for two riders.

In 2023, Maeving commenced exports to California, Germany, and France. However, as international interest surged, the company encountered a familiar hurdle faced by many small enterprises: the need for increased cash flow to sustain production and fulfil orders amidst rapid growth.

Strategic Collaboration to Facilitate Growth

Following a meeting between Maeving and UKEF representatives at an Innovate UK event in early 2025, UKEF collaborated with HSBC UK, Maeving’s banking partner, to finalise the trade finance facility.

Will Stirrup, Co-Founder and Co-CEO of Maeving, remarked: “We have witnessed immense demand for a product that merges the sustainability of electric vehicles with the uniqueness of British motorcycle design and the versatility of removable batteries. However, as a small enterprise, our growth necessitated more capital, which was a significant barrier to our progress.”

He added, “The backing from UKEF and HSBC UK provides us with the necessary funding to meet the escalating demand from both Europe and the USA. This support is a substantial endorsement of our efforts here in Coventry.”

UKEF’s Commitment to Export Growth

Fiona Begley, UKEF’s Export Finance Manager for Coventry, highlighted the importance of supporting businesses like Maeving, stating: “Assisting enterprises like those led by Will and Seb is fundamental to UKEF’s mission. Their journey exemplifies how export finance can unlock international opportunities, fostering business growth and contributing to economic development across all regions of the UK.”

She further encouraged other businesses to seek assistance to advance their exporting ambitions.

Andy Farmer, Relationship Director at HSBC UK, noted: “Maeving exemplifies British clean-tech innovation transforming aspiration into export success. We take pride in supporting the team as they enhance production, generate new employment opportunities in Coventry, and deliver a local product to customers in the USA and Europe. This initiative underscores the talent and supply chain inherent in their motorcycle production.”

Impact on the UK Economy

Smaller enterprises like Maeving play a crucial role in UKEF’s strategy to elevate UK exports. In the past financial year, UKEF has provided over £11 billion in loans, guarantees, and insurance to assist UK firms in exporting and expanding, thereby supporting approximately 85,000 jobs and contributing up to £6.4 billion to the national economy.

For media inquiries, please contact: newsdesk@ukexportfinance.gov.uk