Jo Bamford
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Jo Bamford (born Joseph Cyril Bamford II) is a British businessman who hails from one of the richest families in the U.K. and is heir to a $10 billion fortune. Known as the U.K.'s "hydrogen evangelist," he is one of the most publicly visible advocates for hydrogen adoption in Europe. After graduating from Edinburgh University, he worked for the family-owned JCB company before creating his own green hydrogen investment fund and purchasing Wrightbus, the maker of London's famous double-decker buses. He is currently involved in a highly-publicized US lawsuit that the media has characterized as "insight into extreme wealth and privilege."
Family
Jo Bamford is the son of Lord Bamford, chairman of the UK's JCB Company, and heir to a $10 billion fortune.[1][2] His family is one of the biggest political financial backers behind U.K. Prime Minister Boris Johnson.[3]
Bamford comes from one of the richest families in the U.K. His father Anthony Bamford "is one of the U.K.'s most successful industrialists."[3] He owns JCB, a company that makes excavators, earthmovers and farming equipment, with over 10,000 employees.[1] His grandfather, Joseph Cyril Bamford, founded it at the end of World War II in 1945.[4] His mother is Carole Bamford. She's the founder of Daylesford Organic, a farming and lifestyle business.[5]
Education
As a child, Bamford's parents made him work at their businesses when he was home from boarding school, "bolting together engines on the 6am shift for one and birthing lambs on the farm for the other."[5] After high school, he attended Edinburgh University.[5] He graduated with a degree in archaeology.
Career
Jo Bamford started his career earlier at his family company, JCB, where he worked for 14 years until around 2016.[6][5]
Hydrogen business
Bamford created a £1bn investment fund, known as HYCAP, to finance green hydrogen projects to help fulfill the UK Government's Net Zero goal. He is the executive chairman of Ryse Hydrogen Ltd located in Oxford.[7]
The Irish Times called him the forefront "hydrogen evangelist" in the U.K.[5] and he is one of the main advocates for the adoption of hydrogen energy in transportation. His two companies landed a ten-year contract from London's transportation agency to convert 20 buses run on hydrogen.[8]
To advance his hydrogen projects, Bamford started HYCAP, a hydrogen investment fund. He raised more than £200m in its first investment round. He is also the owner of Ryse, which produces hydrogen to fuel up his hydrogen-powered buses. Bamford said that his family provided half of the initial round of investment into HYCAP.[9]
Wrightbus
In 2019, Jo Bamford purchased Northern Irish bus manufacturer Wrightbus, which experienced financial trouble before he bought it. In early 2021, Wrightbus posted a pre-tax profit of £900k. It had £71.8m in sales for the 15th months ending in December 2020.[1] Wrightbus is the company that produces London's well-known, famous double-decker red buses.[10] After Bamford bought Wrightbus, it became the first manufacturer of fuel cell double-decker buses.[4]
Legal issues
Bamford is currently embroiled in an American lawsuit which the media has characterized as providing "an extraordinary insight into a world of extreme wealth and privilege within one of Britain’s most prominent industrial families."[3] The lawsuit is a legal battle with a former friend regarding a US-based business.[11]
In 2004, he checked into a drug addiction rehabilitation facility to deal with a marijuana problem. In 2021, he admitted to ordering drugs online as well as sending "explicit, inappropriate photographs."[11]
References
- ^ a b "JCB heir Jo Bamford launches £1bn hydrogen investment fund". The Manufacturer. Retrieved 2022-01-07.
- ^ Thomas, Allister (2021-09-06). "Jo Bamford, heir to $10 Billion JCB Fortune, launches hydrogen fund". Energy Voice. Retrieved 2022-01-07.
- ^ a b c "Green cards, cannabis and a strip club: JCB heir in US legal battle". the Guardian. 2021-12-22. Retrieved 2022-01-12.
- ^ a b "Jo Bamford: «It's not the bus. The issue is on infrastructure». Here H2 technology has cards to play. Our interview". Sustainable Bus. 2021-06-29. Retrieved 2022-01-07.
- ^ a b c d e McCaffrey, Una. "Hydrogen evangelist sees 'dawning of an age'". The Irish Times. Retrieved 2022-01-07.
- ^ Thomas, Allister (2021-09-06). "Jo Bamford, heir to $10 Billion JCB Fortune, launches hydrogen fund". Energy Voice. Retrieved 2022-01-07.
- ^ "JCB heir Jo Bamford launches £1bn hydrogen investment fund". The Manufacturer. Retrieved 2022-01-07.
- ^ Editor, Gary McDonald Business (2019-10-12). "As JCB heir's son takes Wrightbus reins, how many jobs can be saved?". The Irish News. Retrieved 2022-01-07.
{{cite web}}:|last=has generic name (help) - ^ Dempsey, Harry (2021-09-06). "JCB heir Jo Bamford launches hydrogen fund". Financial Times. Retrieved 2022-01-07.
- ^ Editor, Robert Lea, Industrial. "Jo Bamford, the billionaire's son who took the bus and is turning it green". ISSN 0140-0460. Retrieved 2022-01-07.
{{cite news}}:|last=has generic name (help)CS1 maint: multiple names: authors list (link) - ^ a b Brown, David. "JCB heir Jo Cyril Bamford embroiled in lurid court case". ISSN 0140-0460. Retrieved 2022-01-07.