Exeter-based marine technology company HydroSurv has secured a £150,000 trade loan. The financing, issued by Nighthawk Export Finance (NEF) and guaranteed by UK Export Finance (UKEF), will help the business meet international demand for its self-driving boats.
The funding is expected to support the creation of 7 highly skilled roles at HydroSurv's Exeter facilities, increasing its workforce from 12 to 19 employees. It will enable the company to fulfil export orders in Norway and Italy by providing working capital.
HydroSurv, founded in 2019, develops and manufactures unmanned surface vessels (USVs) used for marine surveying and environmental monitoring. These electric and battery-hybrid USVs are designed for low to zero-emission operations. The company generates approximately 95% of its business from international markets and expects to triple its revenue within three years.
Minister for Trade Anas Sarwar stated that the backing from UKEF is helping to strengthen Exeter’s local economy and deliver growth. Martin Brooks, Export Finance Manager for Devon at UKEF, highlighted HydroSurv as an example of a Devon business making waves in the marine autonomy sector.