HydroSurv lands £150,000 export loan to fund Norway, Italy vessel orders
What's the deal? HydroSurvDealroom has a profile for this one. Try Dealroom →, an Exeter-based marine technology firm, has secured a £150,000 export loan to fulfil orders for its autonomous vessels in Norway and Italy. The debt comes via Nighthawk Export Finance, with a guarantee from UK Export FinanceDealroom has a profile for this one. Try Dealroom →, the UK government's export credit agency.
What does it do? Founded in 2019, HydroSurv designs and makes unmanned surface vessels (USVs) for marine surveying, environmental monitoring, and data collection. Its electric and battery-hybrid boats offer a lower-emission alternative to crewed workboats, serving offshore wind, flood-risk assessment, and coastal infrastructure monitoring.
Why now? The company secured its first export order in 2021 and has since deployed more than 30 vessels worldwide. International customers now make up roughly 95% of its business.
What's the money for? The loan gives HydroSurv working capital to cover production costs while awaiting payments from overseas customers. It expects to grow its workforce from 12 to 19, adding seven skilled jobs at its Devon facilities, and to triple revenue over the next three years.
Who's saying what? Chief executive David Hull said demand had risen as organisations sought more efficient, sustainable marine surveying. Martin Brooks, UKEF's export finance manager for Devon, said the deal showed how working with non-bank lenders can give innovative firms "greater flexibility" in accessing export finance.
The signal: The round is part of UKEF's wider push to widen export finance access for smaller British businesses. For a scaleup with 95% of revenue abroad, bridging the gap between paying for materials and collecting customer payments is often the real constraint on growth.
Read more: thelondonweekly.net
Image credit: Generated with Gemini
