A small cleantech firm located in south-east England has successfully secured a GBP 4 million order to provide its technology to a planned 2.0-gigawatt solar facility in Mundra, Gujarat, according to a senior company official.
Gas Recovery and Recycle Limited (GR2L), an MSME (micro small and medium enterprise) business based in Surrey, asserts that it has developed, patented and exported advanced technology to reduce energy consumption, the carbon footprint and the cost associated with manufacturing solar panels.
This endeavor received backing from the UK Export Finance (UKEF), the United Kingdom’s government export credit agency, with a GBP 475,000 guarantee issued under its Bond Support Scheme, ultimately facilitating the acquisition of the Indian order.
Rob Grant, the CEO and founder of GR2L, stated, “Building upon our previous export successes, support from Lloyds Banks and UKEF aided us in securing this latest growth opportunity and further expanding our established international presence. I eagerly anticipate the commissioning of our machinery by the end of 2023.”
He added, “The production of brand-new argon generates up to a tonne of carbon dioxide for every tonne of argon. Our cutting-edge gas recycling technology assists solar facilities in reducing their scope 3 CO2 emissions and enhancing the efficiency of solar fuel cell production.”
Manufacturers of solar panels utilise argon gas for silicon crystal purification, which is subsequently utilised in solar cells. This process necessitates substantial quantities of argon, with some producers having to transport multiple tankers of the gas daily, as reported.
GR2L’s ArgonO machinery claims to be a world-first, allowing solar cell production, as well as other advanced manufacturing activities such as microelectronics production, 3D metals printing and aerospace heat treatments, to recycle up to 95 per cent of the argon used. GR2L had an opportunity to supply its argon recycling technology to Mundra Solar Technology Ltd. in support of a solar facility under construction in the town.
Simultaneously, the Surrey SME required advance payments prior to delivering to Mundra. To secure these payments, it had to issue a guarantee to assure the buyer of its ability to deliver, which would have necessitated making a cash deposit through its bank, Lloyds Bank. However, this would have limited the funds necessary for fulfilling the very orders it sought to secure.
The guarantee issued under UKEF’s Bond Support Scheme allowed GR2L to instead reclaim a portion of the cash deposit, granting access to crucial funds required for fulfilling the Mundra contract and securing this significant exporting opportunity.
Lisa Maddison-Brown, UKEF Export Finance Manager for Kent, East Sussex, and West Sussex, commented, “It is good news that GR2L, a micro-business with a competitive edge in international markets thanks to the strength of its patented UK technology, is now expanding further with the support of UK Export Finance.”
She added, “This announcement underscores the value that we, working alongside financial institutions like Lloyds Bank, can bring to innovative companies, including small businesses like GR2L, to bolster their global presence.”
Colin Walls, Regional Director, Trade & Working Capital at Lloyds Bank, expressed, “Gas Recovery and Recycling Ltd is precisely the type of business we want to see thrive. As a bank, we are committed to helping Britain prosper, so it’s fantastic to witness the exporting ambitions of this firm flourish with the support we can provide alongside UKEF through our Working Capital facility. Their contract with Mundra Solar Technology Ltd is a testament to that.”
The UK government emphasized that GR2L’s export success story highlights the value of the UK-India trading relationship and its role in promoting innovation.
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