Exeter self-driving boat manufacturer goes overseas with government-backed finance

Export growth will support recruitment, adding 7 highly skilled roles at HydroSurv’s Exeter facilities 

Funding will enable firm to deliver low-emission self-driving boats to customers in Norway and Italy  

An Exeter-based marine technology company has secured a £150,000 trade loan issued by Nighthawk Export Finance (NEF) and guaranteed by UK Export Finance (UKEF), the government’s export credit agency. The financing will help the business meet growing international demand for its specialised self-driving boats and increase its workforce from 12 to 19 highly skilled employees. 

Founded in 2019, HydroSurv develops and manufactures unmanned surface vessels (USVs), a type of self-driving boat used for marine surveying and environmental monitoring. HydroSurv’s electric and battery-hybrid USVs are designed for low to zero-emission operations, providing a sustainable alternative to conventional crewed workboats. Since securing its first export order in 2021, HydroSurv has deployed more than 30 USVs worldwide and now generates approximately 95% of its business from international markets. 

The financial support from NEF and UKEF will enable the company to fulfil export orders in Norway and Italy, providing the working capital needed to bridge the gap between production costs and final customer payment.  

The data collected by HydroSurv’s vessels serves a wide range of purposes, including offshore wind development, flood-risk management, and protection of coastal infrastructure. As global demand for USVs grows, the company expects to triple its revenue within 3 years.

HydroSurv is a fantastic example of British innovation succeeding on the global stage and this backing from UKEF is helping to strengthen Exeter’s local economy.

This is exactly how we deliver growth in every postcode – helping ambitious firms win contracts to expand into new markets and turn international demand into long-term success.

Martin Brooks, Export Finance Manager for Devon at UKEF, said: