Export Finance and Insurance Corporation (EFIC) is helping its long-term client Environmental Systems and Services (ES&S) to compete for a share of the estimated A$7 billion market for global environmental monitoring and weather forecasting services.

Melbourne-based ES&S turned to EFIC when the company won a highly competitive tender for the supply of a weather satellite ground station to the Hong Kong Government.

The innovative EFIC Headway product was the vital link that enabled ES&S to obtain additional working capital finance from its bank, HSBC.

EFIC Headway, a financial guarantee from EFIC to a participating bank, enables small to medium-sized exporters to access additional working capital finance from their banks, without the need to provide added security.

“The project was a large one that extended over a period of 12 to 18 months,” said ES&S chief executive officer, Bob Wright.

“The contract with the Hong Kong Government required payment on delivery,” said Mr Wright. “With EFIC Headway we could accept the order on the basis that we would have funds for working capital throughout the development, supply and implementation of the ground station.”

The satellite ground station is now in operation, receiving images every 15 to 20 minutes.  One of its key uses is to track the development and movement of typhoons.

“We have supplied all of the Australian Bureau of Meteorology satellite ground stations and that certainly assists us when we market ourselves overseas,” said Bob Wright.

EFIC Headway is distributed by HSBC, NAB, Westpac, Commonwealth Bank, ANZ, BankWest, Bank of Queensland, Bendigo Bank and St.George.