A small cleantech firm in southeastern England, Gas Recovery and Recycle Limited (GR2L) has clinched a 4 million British Pound contract to supply its technology to a 2.0-gigawatt solar facility being planned in Mundra, Gujarat, report PTI citing a company official. The technology, which reduces energy consumption, carbon emissions, and manufacturing costs for solar panels, was developed and patented by GR2L.
The deal was facilitated by UK Export Finance (UKEF), the UK government’s export credit agency, with a 475,000 British Pound guarantee issued under its Bond Support Scheme, the report said.
“Building on our existing export successes, support from Lloyds Banks and UKEF helped us to secure this latest growth opportunity and further develop our established international presence. I look forward to commissioning our machinery by the end of 2023,” said Rob Grant, CEO and founder of GR2L, as per the news agency. Adding that production of brand-new argon creates up to a tonne of carbon dioxide for every tonne of argon, our cutting-edge gas recycling technology helps solar facilities reduce their scope 3 CO2 emissions and produce solar fuel cells more efficiently.
The report said that Solar panel manufacturers rely on argon gas to purify silicon crystals, a crucial component in solar cells. This process consumes significant quantities of argon, often requiring daily shipments. GR2L’s innovative ArgonØ technology, a first of its kind, enables recycling up to 95 per cent of the argon used, benefiting solar cell production and other advanced manufacturing sectors like microelectronics, 3D metal printing, and aerospace heat treatments.
GR2L has the chance to provide its argon recycling tech to Mundra Solar Technology Ltd. for a solar facility project. However, the SME firm needed advance payments from Mundra, and to secure these, it had to issue a guarantee to assure the buyer of its delivery capabilities. This typically required a cash deposit through its bank, Lloyds Bank, which would tie up funds needed for fulfilling the orders.
The guarantee offered by UKEF’s Bond Support Scheme, GR2L could reclaim the cash deposit portion, freeing up essential funds to fulfill the Mundra contract and seize this significant export opportunity, the report noted.
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“It is good news that GR2L, a micro-business which has the edge in international markets thanks to the strength of its patented UK technology, is now going even further with the backing of UK Export Finance,” said Lisa Maddison-Brown, UKEF Export Finance Manager for Kent, East Sussex and West Sussex.
“This announcement shows the value which we, working alongside financial institutions like Lloyds Bank, can bring to innovative companies – including small businesses like GR2L – to grow their global presence,” she said.
The UK government said GR2L’s export success story underscores the value of the UK-India trading relationship and its role in promoting innovation.