Monday 18 September 2023

UKEF supports Surrey cleantech’s solar export to India

UKEF supports Surrey cleantech’s solar export to India

Gas Recovery and Recycle Limited (GR2L), a small cleantech enterprise in Surrey has secured a £4 million contract to supply its technology to a 2GW solar facility in India.

This export opportunity was made possible through essential support from UK Export Finance (UKEF).

GR2L, a micro-SME business, specialises in the development, patenting and export of technology designed to reduce the energy consumption, carbon footprint and manufacturing costs associated with solar panels.

The conventional manufacturing process of solar panels relies on argon gas for silicon crystal purification, necessitating substantial argon consumption and frequent gas shipments.

GR2L's ArgonØ machinery is capable of recycling up to 95% of argon used in solar cell production and advanced manufacturing activities, including microelectronics, 3D metals printing and aerospace heat treatments.

An opportunity arose for GR2L to supply its argon recycling technology to Mundra Solar Technology Ltd in support of a solar facility under construction in Mundra, India.

However, to secure this contract, GR2L needed to receive payments in advance of deliveries to Mundra, requiring the issuance of a guarantee to assure the buyer of timely delivery.

This guarantee, traditionally executed through a cash deposit with Lloyds Bank, would have constrained the funds needed to fulfil the orders GR2L aimed to secure.

Thanks to a £475,000 guarantee provided under UKEF's Bond Support Scheme, GR2L could reclaim this portion of the cash deposit, ensuring access to essential funds for the successful delivery of the Mundra contract and the pursuit of this export opportunity.

Written by

Bruna Pinhoni

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