A UK-backed £150,000 loan will give HydroSurv working capital for orders in Norway and Italy, helping the Exeter marine technology company pay production expenses before buyers make final payments.
UK Export Finance (UKEF) said Oct. 15 that it had guaranteed the loan from Nighthawk Export Finance. HydroSurv will use the money to cover manufacturing bills while it waits for customers to settle their payments, the government announcement said.
The financing addresses a timing mismatch: production expenses arise before HydroSurv collects the full value of export orders. UKEF did not identify the customers or give the orders’ values or delivery dates.
HydroSurv makes unmanned surface vessels for marine surveying and environmental monitoring. UKEF says the vessels’ electric and battery-hybrid systems are intended to keep operating emissions very low or eliminate them.
The plan is to add seven skilled positions in Exeter, increasing HydroSurv’s workforce from 12 to 19, according to UKEF. The announcement gave no hiring timeline.
“The financing from NEF and UKEF has enabled us to take on larger international orders,” HydroSurv CEO David Hull said. Martin Brooks, UKEF’s export finance manager for Devon, said working with a nonbank lender gives the agency flexibility to support exporters.
HydroSurv’s first export order came in 2021, UKEF said. The company has since put more than 30 vessels into service worldwide, while international markets account for about 95% of its business.
UKEF’s General Export Facility guidance describes partial guarantees for trade finance, but the announcement did not name the program used for this loan. It also did not specify the interest rate, repayment period or share covered by the guarantee.
HydroSurv expects revenue to triple within three years, according to the announcement, which gave no starting revenue figure.
