A Mid Wales green energy business has been highlighted as a UK exporting success story after it benefited from a Government scheme that has invested £11 billion over the last year.
Machynlleth-based Dulas, which is supporting global immunisation programmes with solar-powered vaccine refrigeration, has been backed by UK Export Finance (UKEF) and HSBC UK through successive finance packages.
These packages have enabled the company to sustain production, expand operations and deliver critical equipment to more than 80 countries.
The support comes as part of UKEF’s wider efforts, which saw over £11 billion in loans, guarantees and insurance provided over the past year.
This funded exports to 37 countries and supported an estimated 85,000 jobs across the UK to help companies export and grow overseas.
Peter Kyle, business and trade secretary, said: "UK Export Finance’s outstanding results show how their work to bolster key sectors in our modern Industrial Strategy is driving growth and supporting tens of thousands of jobs.
“From breweries to renewable energy, we’ll keep backing businesses across the country to be the best they can be and grow across the globe.”
Tim Reid, CEO of UK Export Finance, said: "It’s been another strong year, and these results show UKEF is delivering where it matters most – backing British businesses to win overseas, supporting tens of thousands of jobs and driving economic growth across the UK.
"From major exporters strengthening critical industries to smaller firms reaching new markets for the first time, our finance is helping turn global demand into real opportunity for communities across the country."
UKEF’s Impact Report which was release today (Thursday, July 9) showcases continued progress against its 2024-2029 business plan objectives including broadening access to finance, particularly for small and medium-sized enterprises (SMEs).
Sixty-six percent (616) of all firms directly supported by UKEF last year were smaller firms, like Dulas, which has sites in Mid Wales, Inverness and Bognor Regis.
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UKEF is the UK’s export credit agency and a government department, with £130 billion of capacity to support UK businesses looking to export and grow overseas.
Its mandate is to ensure that no viable UK export fails due to a lack of finance or insurance, and it operates at no net cost to the taxpayer.
Other major exporters also benefited from UKEF support.
This included a £1.5 billion Export Development Guarantee for Jaguar Land Rover and support for Thales UK, which is supplying defence equipment to Ukraine.
The support from UKEF is estimated to have contributed up to £6.4 billion to the UK economy in GDP.
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