Government-backed financing will help HydroSurv fulfil orders for low-emission autonomous vessels in Norway and Italy as international demand for its technology grows.
A marine technology company based in Exeter is preparing to expand its international operations after securing £150,000 in export finance to deliver orders for its self-driving vessels to customers in Norway and Italy. The funding is expected to support the creation of seven highly skilled jobs at the company’s Devon facilities.
HydroSurv, which designs and manufactures unmanned surface vessels (USVs), has received the trade loan through Nighthawk Export Finance (NEF), with a guarantee provided by UK Export Finance (UKEF), the UK government’s export credit agency. The financial support will give the business additional working capital to meet production costs while waiting for payments from overseas customers.
Founded in 2019, HydroSurv specialises in autonomous vessels used for marine surveying, environmental monitoring and other data-collection operations. Its boats are powered by electric or battery-hybrid systems, offering a lower-emission alternative to conventional crewed workboats.
The company’s technology is used in a range of applications, including offshore wind development, flood-risk assessment and the monitoring and protection of coastal infrastructure. By collecting data without requiring a crew to remain on board, autonomous vessels can help organisations carry out marine operations more efficiently and sustainably.
HydroSurv secured its first export order in 2021 and has since deployed more than 30 vessels around the world. International customers now account for approximately 95% of its business, underlining the importance of overseas markets to the company’s continued development.
The £150,000 loan is intended to help HydroSurv meet its existing export commitments in Norway and Italy without placing excessive pressure on its cash flow. For businesses fulfilling international contracts, the interval between paying for materials, manufacturing equipment and receiving final customer payments can create significant working-capital challenges.
The new financing is expected to enable HydroSurv to increase its workforce from 12 to 19 employees, strengthening its capacity to manufacture and deliver its specialist vessels. The company also anticipates that growing international demand could help it triple its revenue over the next three years.
Minister for Trade Anas Sarwar said the support demonstrated how British engineering and technological innovation could generate export opportunities while contributing to local economic growth.
He highlighted HydroSurv’s international expansion as an example of how government-backed export finance can help businesses secure overseas contracts, enter new markets and create employment in their home communities.
Martin Brooks, UKEF’s Export Finance Manager for Devon, said HydroSurv illustrated the South West of England’s growing role in marine autonomy and advanced technology. He added that cooperation with non-bank lenders such as NEF could give innovative companies greater flexibility in accessing the finance needed to pursue export opportunities.
HydroSurv chief executive David Hull said demand for the company’s technology had increased as organisations worldwide sought more efficient and environmentally sustainable approaches to marine surveying and monitoring.
He said the funding from NEF and UKEF had enabled the business to take on larger international orders while continuing to invest in its employees and technical capabilities.
James Davis, chief executive of Nighthawk Export Finance, said the lender was pleased to support HydroSurv’s expansion, including the creation of new jobs in the South West and the development of the skills and supply chains underpinning its unmanned vessel technology.
The agreement forms part of UKEF’s broader efforts to widen access to export finance for smaller British businesses. By providing guarantees that help lenders support eligible exporters, the agency aims to reduce financing barriers that might otherwise prevent companies from accepting international orders or expanding into new markets.
UKEF has set a target of helping UK businesses secure more than £12.5 billion in new export contracts through its export finance offering by 2029.
During the previous financial year, the agency provided more than £11 billion in loans, guarantees and insurance to support British companies trading internationally. According to UKEF, this assistance supported up to 85,000 jobs and contributed up to £6.4 billion to the UK economy.
For HydroSurv, the latest financing provides additional capacity to meet overseas demand while expanding its Exeter workforce. More broadly, the deal highlights the role of accessible trade finance in helping specialist technology companies turn international interest into commercial growth, skilled employment and further investment in British manufacturing.
