Shropshire Star

Telford firm 'with extraordinary ideas' awarded £300,000 to unlock Portugal deal

A Telford-based company 'with extraordinary ideas' has been awarded £300,000 to help secure new export contracts in the Portuguese renewable energy market.

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UK Export Finance has delivered the cash boost to allow Telford-based battery and renewable energy specialist AceOn to secure new contracts for the supply of batteries to Portuguese solar technology manufacturer Meterboost.

The move is UKEF’s latest deal in partnership with non-bank lender Newable to support small and medium-sized exporters with working capital.

Mark Thompson, Managing Director of AceOn, is currently at the Lisbon Energy Summit to announce the company's latest collaboration with Meterboost, which will see AceOn supply batteries for the Portuguese firm’s off-grid battery energy storage systems (BESS) for residential and commercial use.

“Newable’s support has allowed us to finance the huge number of cells needed for our export of battery energy storage systems to Meterboost, a manufacturer of solar-energy and energy-storage technology established in 2019," said Mr Thompson.

"Alongside this, UKEF’s backing has been key to driving our exports – together, they have brought us from our first contracts with Meterboost to our latest collaboration with them, which I am proud to announce at the Lisbon Energy Summit.”

The deal sees UKEF use its partnership with non-bank lender Newable to support the export ambitions of small and medium-sized enterprises through its General Export Facility scheme.

The scheme has unlocked almost £250m of working capital for UK exporters since it was first launched in March 2021.

Tim Reid, CEO of UK Export Finance, said: “Flexible trade finance products like the General Export Facility mean that we have more to offer SMEs than ever.

"AceOn is a great example of a small company with extraordinary ideas, and I am proud to help them seize opportunities for driving the global energy transition.”

Philip Reynolds, Managing Director of Lending, Newable, said: “It is great to have been able to support an exporting, high-growth SME with a Newable Export Finance loan. We are grateful for the continued support of the UKEF GEF scheme, which has enabled this business to secure new export opportunities, create jobs and continue to grow.”

Pioneering AceOn recently said ongoing investment in innovation and renewable energy technology is driving strong growth in a positive start to a year.

The company has produced its first-ever ground-breaking sodium-ion battery packs, unveiled a world-leading mobile 80kWh energy system, started work on a multi-million pound project to replace fossil fuels with battery technology in the maritime industry and opened a new office in Solihull in just the first quarter of the year.

Mr Thompson said sales of its commercial energy storage products – which help customers store renewable and low-tariff power for the most cost-effective use – are also buoyant as a result of businesses and organisations wanting to become more green and the rising cost of energy.

“We have enjoyed a hugely exciting start to 2023, with our reputation for innovation, developing new renewable and battery technologies and belief in working with the best in UK industry really paying off,” he said.