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UK Export Finance Supports Surrey Cleantech Firm in India’s 2.0 GW Solar Project

With help from UK Export Finance (UKEF), a tiny cleantech company in Surrey has received a £4 million order to provide its technology for a planned 2.0 gigawatt solar complex in India, opening up a significant export potential.

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A micro-SME company called Gas Recovery and Recycle Limited (GR2L) has created, patented, and exported cutting-edge technology to lower the energy use, carbon footprint, and cost of producing solar panels.

Argon gas is used by manufacturers of solar panels to clean the silicon crystals that are later utilized in solar cells. The volume of argon needed for this operation is enormous; some firms must transport numerous tankers of the gas each day.

With GR2L’s Argon machinery, a first for the industry, up to 95% of the argon used in the manufacture of solar cells and other innovative manufacturing processes like 3D metal printing, microelectronics manufacturing, and aerospace heat treatments may now be recycled.

GR2L had an opportunity to supply its argon recycling technology to Mundra Solar Technology Ltd to support a solar facility being built in Mundra, India.

At the same time, the Surrey SME needed to obtain payments in advance of making any deliveries to Mundra. To secure these payments, it had to issue a guarantee to assure the buyer that it could deliver, which would have meant making a cash deposit through its bank, Lloyds Bank. This however would have restricted the funds which the company needed for delivering the very same orders which it wanted to secure.

A £475,000 guarantee issued under UKEF’s Bond Support Scheme meant that GR2L could instead reclaim this portion of the cash deposit; this allowed GR2L to access crucial funds needed to deliver the Mundra contract and secure this major exporting opportunity.

Lisa Maddison-Brown, UKEF Export Finance Manager for Kent, East Sussex and West Sussex, said: “It is good news that GR2L, a micro-business which has the edge in international markets thanks to the strength of its patented UK technology, is now going even further with the backing of UK Export Finance.

“This announcement shows the value which we, working alongside financial institutions like Lloyds Bank, can bring to innovative companies – including small businesses like GR2L – to grow their global presence.”

Rob Grant, CEO and founder of GR2L, said: “With production of brand-new argon creating up to a tonne of carbon dioxide for every tonne of argon, our cutting-edge gas recycling technology helps solar facilities reduce their scope 3 CO2 emissions and produce solar fuel cells more efficiently.

“Building on our existing export successes, support from Lloyds Banks and UKEF helped us to secure this latest growth opportunity and further develop our established international presence. I look forward to commissioning our machinery by the end of 2023.”

Colin Walls, Regional Director, Trade & Working Capital and Lloyds Bank, said: “Gas Recovery and Recycling Ltd is exactly the type of business we want to see thriving. As a bank, we are committed to helping Britain prosper, so it’s fantastic to see the exporting ambitions of this firm grow with the support which we can offer alongside UKEF’s through our Working Capital facility. Their contract with Mundra Solar Technology Ltd is testament to that.”

UKEF’s role in unlocking this export opportunity delivers on the Prime Minister’s priority of growing the economy, supporting jobs in Surrey and helping expand opportunities for UK businesses.

GR2L’s export success story also underscores the value of the UK-India trading relationship and its role in promoting innovation – something which Prime Minister Rishi Sunk built on when he visited New Delhi for the G20 summit last week.

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