Exeter self-driving boat manufacturer goes overseas with government-backed finance
Marine tech company HydroSurv has secured £150,000 in funding support from Nighthawk Export Finance, backed by a government guarantee.
A HydroSurv Unmanned Surface Vessel (USV)
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Export growth will support recruitment, adding 7 highly skilled roles at HydroSurv’s Exeter facilities
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Funding will enable firm to deliver low-emission self-driving boats to customers in Norway and Italy
An Exeter-based marine technology company has secured a £150,000 trade loan issued by Nighthawk Export Finance (NEF) and guaranteed by UK Export Finance (UKEF), the government’s export credit agency. The financing will help the business meet growing international demand for its specialised self-driving boats and increase its workforce from 12 to 19 highly skilled employees.
Founded in 2019, HydroSurv develops and manufactures unmanned surface vessels (USVs), a type of self-driving boat used for marine surveying and environmental monitoring. HydroSurv’s electric and battery-hybrid USVs are designed for low to zero-emission operations, providing a sustainable alternative to conventional crewed workboats. Since securing its first export order in 2021, HydroSurv has deployed more than 30 USVs worldwide and now generates approximately 95% of its business from international markets.
The financial support from NEF and UKEF will enable the company to fulfil export orders in Norway and Italy, providing the working capital needed to bridge the gap between production costs and final customer payment.
The data collected by HydroSurv’s vessels serves a wide range of purposes, including offshore wind development, flood-risk management, and protection of coastal infrastructure. As global demand for USVs grows, the company expects to triple its revenue within 3 years.
Minister for Trade Anas Sarwar said:
HydroSurv is a fantastic example of British innovation succeeding on the global stage and this backing from UKEF is helping to strengthen Exeter’s local economy.
This is exactly how we deliver growth in every postcode – helping ambitious firms win contracts to expand into new markets and turn international demand into long-term success.
Martin Brooks, Export Finance Manager for Devon at UKEF, said:
HydroSurv is a brilliant example of a Devon business making waves with its self-driving low-emission boats and showcases the South West as an innovation hotbed for the marine autonomy sector.
Working with a non-bank lender like NEF gives us greater flexibility to support innovative businesses like HydroSurv to fulfil export opportunities, create skilled jobs and continue flourishing in international markets.
David Hull, CEO at HydroSurv, said:
Demand for our technology has grown rapidly as organisations around the world look for more efficient and sustainable ways to carry out marine survey and monitoring operations.
The financing from NEF and UKEF has enabled us to take on larger international orders while continuing to invest in our people and capabilities.
By working with partners like NEF, UKEF is increasing the range of flexible financing accessible to smaller businesses, reducing missed opportunities for exporting and supporting the government’s plan to deliver growth in every postcode.
James Davis, CEO at NEF, said:
HydroSurv is a great example of British Innovation and scale-up in the maritime sector.
NEF are proud to catalyse their scale-up, create new jobs in the South-West and support the talent and supply-chain behind their trusted unmanned surface vessel (USV) technology.
Smaller businesses like HydroSurv are central to UKEF’s plan to boost UK exports. UKEF is backing businesses and driving UK growth. By 2029, UKEF aims to support UK firms to win over £12.5 billion of new export contracts through its export finance offer.
Over the last financial year, UKEF provided over £11 billion in loans, guarantees and insurance to help UK companies export and grow, supporting up to 85,000 jobs and contributing up to £6.4 billion to the economy.