Gas Recovery and Recycle Limited (GR2L), a small cleantech firm in southeast England, has secured a GBP 4 million order to supply its technology to a 2.0-gigawatt solar facility in Mundra, Gujarat. The company claims to have developed an innovative technology that reduces energy consumption, carbon footprint, and the cost of manufacturing solar panels. The order was backed by UK Export Finance (UKEF), the UK government’s export credit agency.
GR2L’s technology aims to reduce scope 3 CO2 emissions and improve the efficiency of solar fuel cells by recycling argon gas. Solar panel manufacturers use argon gas to purify silicon crystals used in solar cells. GR2L’s ArgonO machinery, claimed to be a world-first, can recycle up to 95 per cent of the argon used in solar cell production. This technology can also be applied to other advanced manufacturing activities such as microelectronics production, 3D metals printing, and aerospace heat treatments.
To secure the deal with Mundra Solar Technology Ltd., GR2L needed to obtain advance payments from the buyer. Typically, a cash deposit would be required through the company’s bank, Lloyds Bank. However, this would have limited the funds available for delivering the order. With the guarantee issued under UKEF’s Bond Support Scheme, GR2L could reclaim the cash deposit, enabling the company to access the necessary funds to fulfill the Mundra contract.
Lisa Maddison-Brown, UKEF Export Finance Manager, praised GR2L’s export success and emphasized the value of collaboration between UKEF and financial institutions like Lloyds Bank. Colin Walls, Regional Director at Lloyds Bank, highlighted the bank’s commitment to supporting the growth of businesses like GR2L and their exporting ambitions.
This achievement exemplifies the importance of the UK-India trading relationship and showcases the role of innovation in promoting bilateral trade. GR2L’s technology offers significant advancements in the renewable energy sector, contributing to a cleaner and more sustainable future.
– Gas Recovery and Recycle Limited (GR2L)
– UK Export Finance (UKEF)
– Lloyds Bank