Surrey cleantech firm to supply Indian solar facility

Gas Recovery and Recycle Limited (G2RL), a cleantech firm based in Surrey, has secured a £4 million order to supply its technology to a projected 2.0 gigawatt solar facility in India.

Financial support for the cleantech firm comes from UK Export Finance (UKEF).

The Surrey-based firm is a micro-SME business which has developed, patented and exported technology to reduce the energy consumption, carbon footprint and cost of manufacturing solar panels.

Gas Recovery and Recycle Limited specialises in making the argon used in the solar cell manufacturing process a recyclable material. The firm recycles 95 per cent of Argon produced in manufacturing.

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.”

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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 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.

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.”

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