UK Cleantech Firm Secures £4m Solar Contract in India with Support from UK Export Finance
Gas Recovery and Recycle Limited (GR2L), a small cleantech firm based in Surrey, has successfully secured a £4 million order to supply its innovative technology to a large-scale solar facility in India. This significant export opportunity was made possible with the support of UK Export Finance (UKEF), demonstrating the value of international collaboration in the clean energy sector.
GR2L specializes in developing and patenting cutting-edge technology that reduces energy consumption, carbon footprint, and manufacturing costs associated with solar panels. The production of solar panels requires large amounts of argon gas for purifying silicon crystals, resulting in substantial transportation and environmental costs. GR2L’s groundbreaking ArgonØ machinery addresses this issue by recycling up to 95% of the argon used in the manufacturing process.
The opportunity arose for GR2L to supply its argon recycling technology to Mundra Solar Technology Ltd for the construction of a solar facility in Mundra, India. However, in order to secure the contract and receive payments in advance, GR2L needed to issue a guarantee ensuring its ability to deliver. This would have required a cash deposit through its bank, Lloyds Bank, which would have limited the company’s funds available for fulfilling the order.
To overcome this challenge, UKEF’s Bond Support Scheme provided a guarantee of £475,000, allowing GR2L to reclaim this portion of the cash deposit. This enabled the company to access the necessary funds required to deliver the Mundra contract and seize this significant exporting opportunity. The collaboration between UKEF and Lloyds Bank in supporting innovative businesses like GR2L demonstrates the strength and value of such partnerships in expanding global presence.
Lisa Maddison-Brown, UKEF Export Finance Manager, highlighted the positive impact of UKEF’s support on micro-businesses like GR2L, showcasing the potential for growth in international markets through the strength of patented UK technology. This announcement aligns with the government’s objective of boosting the economy, creating jobs, and facilitating the expansion of British businesses.
The CEO and founder of GR2L, Rob Grant, emphasized the environmental benefits of their gas recycling technology. By reducing the reliance on newly produced argon, the technology helps solar facilities lower their scope 3 CO2 emissions and produce solar fuel cells more efficiently. With this latest export success, GR2L can further develop its international presence and aims to commission its machinery by the end of 2023.
Colin Walls, Regional Director of Trade & Working Capital at Lloyds Bank, praised Gas Recovery and Recycling Ltd as an exemplary business that aligns with the bank’s commitment to fostering prosperity. The collaboration between Lloyds Bank, UKEF, and GR2L underscores the value of the UK-India trading relationship and supports innovation, both internationally and domestically.
GR2L’s achievement in securing this contract reflects the larger goal of driving sustainable growth while expanding opportunities for UK businesses. By leveraging its pioneering technology and collaborating with strategic partners, GR2L has successfully navigated the international market and showcased the potential of UK cleantech firms on a global scale.
