Willand-based manufacturer, GRE Ltd, which specialises in the design and manufacture of customised cooling solutions, has delivered on a significant contract with a smart energy producer in South Korea.
The business, which provides highly-specialised thermal management systems to a number of sectors and environments, has recently delivered on a £1.1m contract to supply a large cooling system to South Korea’s largest smart energy supplier.
The system, which dissipates up to 2MW of heat, will help guarantee the efficient distribution of power to homes across the country. The contract marks the first time GRE Ltd has exported directly to South Korea.
To fulfil the contract, the business secured a £170,000 warranty bond from Lloyds Bank, which will enable the firm to meet the client’s commercial requirements, and ultimately helped to secure the contract.
GRE Ltd’s exporting activity is set to boost annual turnover by 20 per cent from £2.5m to over £3m and increase its head count by 10 per cent. Jobs will be created in the workshop and purchasing departments, alongside additional graduate engineering roles.
Richard Booth, director at GRE Ltd, said: “We’re experiencing first-hand a strong worldwide demand for British engineering and are unlocking increasing opportunities to develop bespoke cooling systems for clients operating in numerous markets. This export has already led to further work with South Korea’s smart energy sector and will help us to establish a long-term presence in this part of the world.
“The products we manufacture are high value and exporting these to other countries can be a complicated, time-consuming process. The team at Lloyds Bank fully understands the requirements, and the bank has been incredibly supportive when securing and delivering this contract.”
Andrew Blanchard, relationship manager at Lloyds Bank Commercial Banking, said: “GRE Ltd is an ambitious firm offering clients bespoke designs – an attractive offering globally. Expanding its exporting activity to South Korea is one of many strategic steps that is enabling the business to access new contract opportunities which, in turn, supports growth and new jobs.
“We want to support smaller manufacturing businesses, like GRE Ltd, as they navigate new terrain both domestically and internationally. That’s why we’ve provided more than £4billion of funding to the manufacturing sector, beating our four-year commitment six months early.”