R&D firm scoops seven figure South Korean export contract

R&D and manufacturing business Green Resource Engineering has secured a six-figure funding package and trade facilities from Lloyds Bank to facilitate a £1.8m South Korean export contract.

The funding will enable Green Resource Engineering to provide industrial cooling systems to consumer electronics manufacturer LS Electric, allowing the business to reduce excess energy generation and reduce the lifecycle of carbon outputs.

The firm approached Lloyds Bank securing £680,000 of funding in order to bridge the gap in supply of key components that are crucial to the manufacturing of products on its production line.

Last year 75% of Green Resource Engineering’s turnover was a result of exporting goods. The seven figure overseas contract has increased the business’s annual turnover by 17.5% along with providing the opportunity to expand its R&D capacity for bespoke cooling and ultra-pure water conditioning systems.

The Devon-based firm employs 42 members of staff across its production line, water cooling, cryogenic and research and development divisions.  Founded in 2009, the thermal management and solutions business has over 14 years’ experience in developing and manufacturing innovative heating and cooling systems.

Steve Alford, commercial director at Green Resource Engineering, said: “Supply chain struggles have been the thorn in the side of manufacturers for the past two years, with production and product development slowing despite demand being extremely strong.

“With lead times already being extended via shipping delays, increasing our production hours to ensure we’re making good on our promise of a timely, yet quality product build is vital. Thanks to the support from Lloyds Bank, we’ve been able to access funding that will help us advance purchase parts to guarantee that component supplies can keep up with fast requirements of our production team .”

Jon Cockbain, relationship manager at Lloyds Bank, said: “We’re seeing the lasting effects of Brexit and the ongoing war in Ukraine impacting supply chain networks and the fluidity at which they operate. It’s been great to support GRE in rebuilding its supply chain allowing them to facilitate its growing cross sector demand and enhancing its customers’ journey.

“Lloyds Bank is proud to support an industry leader like Green Resource Engineering who are championing sector innovation while continuing to support its customers through challenging headwinds.”