Government support unlocks £300k for AceOn’s energy transition ambitions
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UK Export Finance (UKEF) has announced £300k of support for Telford-based battery manufacturer AceOn, allowing it to secure new export contracts in the Portuguese renewable energy market.
This 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. This scheme has unlocked almost £250m of working capital for UK exporters since it was first launched in March 2021.
UKEF’s support has allowed AceOn to win new contracts to supply batteries to Portuguese firm Meterboost, a manufacturer of solar-energy and energy-storage technology established in 2019.
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.”
The announcement comes as AceOn uses the Lisbon Energy Summit to announce its 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.
Mark Thompson, Managing Director of AceOn, said: “Newable’s support has allowed us to finance the huge number of cells needed for our export of battery energy storage systems to Meterboost. 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.”
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.”
This latest deal adds to more than £7bn in support that UKEF has already dedicated to the UK’s renewable energy sector since 2019.