Devon-based manufacturer supports South Korean electricity network
UKEF support helps cooling equipment manufacturer secure order from a Korean energy provider
| About the transaction: GRE | |
|---|---|
| Region | Tiverton, Devon |
| Sector | Manufacturer: specialist cooling equipment |
| Export destination | South Korea |
| UKEF support | Bond Support Scheme |
GRE (Green Resource Engineering) is a manufacturer based in Devon, who produce turnkey cooling systems for an array of customers.
In 2017, GRE secured a large £1.1 million order from a Korean energy provider for an ultra-pure, water-cooling system for a large electrical substation. The cooling system GRE provided helps the energy company distribute the electrical load around the electricity grid in times of high demand. It was a prestigious installation for GRE and reflected their now global reputation.
UK Export Finance (UKEF) helped GRE by providing support for a warranty bond that was part of the contract. This helped to remove much of the financial risk that GRE was facing and freed up cash that would otherwise have been withheld by the buyer post installation. The warranty bond that UKEF provided a guarantee for was worth nearly £90,000.
Richard Booth, Director, Green Resource Engineering, said:
If another company were considering exporting, especially if they weren’t quite sure how to go about it or about the risks involved, I would say don’t hesitate to get in contact with UK Export Finance. Their support has been excellent, and they will take you through the process.
They were absolutely invaluable for us in fulfilling this contract.
Hugh Francis, Export Finance Manager for the South West, said:
UKEF is able to assist SMEs of all sizes with tailored financial solutions. GRE are a hugely exciting and innovative firm operating in the South West and UKEF’s support helped them to secure this prestigious and landmark export contract to South Korea.
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