British Startup Signs Key Agreement with U.S. Export-Import Bank
British tyre startup ENSO revealed on Monday that it has signed a letter of interest with the U.S. Export-Import Bank to establish a $500 million manufacturing plant in the United States. Once fully operational, the facility is expected to produce 20 million tyres annually, specifically designed for electric vehicles (EVs).
Job Creation and Potential Locations
By 2027, ENSO anticipates that the new plant will employ 600 people and initially produce 5 million tyres each year. Potential sites for the factory include Colorado, Nevada, Texas, and Georgia, though other states are also being considered. The company is committed to recycling all the tyres it manufactures in the U.S., although a timeline for reaching full production capacity has not been specified.
Innovative Tyres to Address Emissions Challenges
ENSO, supported by technology partner Rockwell Automation and venture capital funds 8090 Industries and Galway Sustainable Capital, has developed tyres that can enhance EV range by 10% and cut particulate matter emissions by 35%. The startup, which already markets its tyres in Britain, plans to commence U.S. sales later this year. CEO Gunnlaugur Erlendsson emphasized the company’s dedication to introducing its low-emission, cost-effective tyres to the American market, citing robust regulatory support and substantial market potential.
The additional weight of EV batteries increases particulate emissions, a growing concern as EV adoption rises. Both the European Union and California have implemented regulations to reduce tyre emissions, and the U.S. Inflation Reduction Act now includes local production requirements for EV manufacturers to qualify for government subsidies.
