HydroSurv Expands Workforce Amid Export Growth
A marine technology company based in Exeter, HydroSurv, is set to enhance its workforce by adding seven highly skilled positions, thanks to a £150,000 trade loan from Nighthawk Export Finance (NEF), which is guaranteed by UK Export Finance (UKEF), the UK government’s export credit agency. This funding will enable HydroSurv to meet the increasing international demand for its innovative self-driving boats, particularly in markets such as Norway and Italy.
Established in 2019, HydroSurv specializes in the development and manufacture of unmanned surface vessels (USVs), which are autonomous boats designed for marine surveying and environmental monitoring. These vessels, which operate on electric and battery-hybrid systems, offer a sustainable alternative to traditional crewed workboats by achieving low to zero emissions. Since obtaining its first export order in 2021, the company has successfully deployed over 30 USVs across the globe, with international markets now accounting for around 95% of its business.
Funding to Facilitate Export Orders
The financial support from NEF and UKEF is crucial for HydroSurv as it enables the firm to fulfil export orders in Norway and Italy. This funding provides the necessary working capital to cover the production costs until payment is received from customers, thereby facilitating smoother operations and allowing the company to scale up production in response to demand.
The data gathered by HydroSurv’s vessels is valuable across various sectors, including offshore wind development, flood-risk management, and the protection of coastal infrastructure. Given the rising global demand for USVs, the company anticipates tripling its revenue within the next three years.
Government Support for Innovation
Trade Minister Anas Sarwar emphasized the significance of HydroSurv’s achievements, stating that the company exemplifies British innovation thriving on an international scale. He noted that support from UKEF is instrumental in bolstering the local economy in Exeter, asserting that this initiative reflects the government’s commitment to fostering growth across all regions by assisting ambitious firms in securing contracts and expanding into new markets.
Martin Brooks, Export Finance Manager for Devon at UKEF, echoed this sentiment, highlighting HydroSurv as a prime example of a Devon-based business making strides with its environmentally friendly, self-driving vessels. He pointed out that collaboration with a non-bank lender like NEF enhances the flexibility required to support innovative companies in seizing export opportunities, creating skilled jobs, and thriving in international markets.
Leadership Perspectives on Growth and Innovation
David Hull, CEO of HydroSurv, acknowledged the rapid increase in demand for the company’s technology as organizations globally seek more efficient and sustainable methods for marine surveying and monitoring. He expressed appreciation for the financial backing from NEF and UKEF, which has empowered HydroSurv to take on larger international orders while continuing to invest in its workforce and technological capabilities.
James Davis, CEO of NEF, commented on HydroSurv’s significance within the maritime sector, celebrating the company as a stellar example of British innovation and growth. He reaffirmed NEF’s commitment to facilitating the expansion of HydroSurv, which in turn creates new job opportunities in the South West and strengthens the talent and supply chains supporting their USV technology.
UKEF’s Commitment to Boosting UK Exports
Smaller enterprises like HydroSurv play a pivotal role in UKEF’s strategy to enhance UK exports. UKEF is dedicated to supporting businesses and driving growth within the UK, with an ambitious aim to assist firms in securing over £12.5 billion in new export contracts by 2029 through its financing initiatives. Over the past financial year, UKEF has provided more than £11 billion in loans, guarantees, and insurance, helping UK companies expand their export operations and create up to 85,000 jobs, contributing an estimated £6.4 billion to the economy.