The Courier & Advertiser (Fife Edition)
£1m funding helps microoptics firm eye growth
MANUFACTURER: Fife specialist agrees new cash injection with Clydesdale Bank
A Fife optical products manufacturer is set for renewed growth after securing around £1 million of funding to support its future business vision.
Dalgety Bay-based PowerPhotonic has been operating since 2004 and designs and produces a range of micro-optics for use in the wider laser industry.
It has since become a recognised leader in the micro-optics field and sells its products worldwide.
Significant markets for the company include industrial materials processing, the medical arena, telecoms, science and defence.
The company has now secured a new £750,000 funding package from Clydesdale Bank’s Growth Finance Team to help achieve its vision, including upgrading its manufacturing facilities.
It also expects to recruit for 16 new permanent highly-skilled roles over the next three years.
“Our unique optics are in growing demand worldwide,” PowerPhotonic managing director Roy McBride said.
“This funding will enable us to increase our capacity including building a new state-of-the-art class 1,000 clean room facility.
“We look forward to working with the Clydesdale Bank as we move into this next exciting stage of our company development.”
The company was originally formed to commercialise technology which spun out from the Institute of Photonics and Quantum Sciences at Edinburgh’s Heriot Watt University.
Clydesdale said the new finance package received by PowerPhotonic will help propel the company into a new phase of growth and meet rising market demand for their products.
In addition to the Clydesdale package, the group has recently been successful in applying for a Regional Selective Assistance grant of £245,000 from Scottish Enterprise.
Combined, the two new cash injections received by PowerPhotonic total almost £1m.
Christopher Kennedy of Clydesdale Bank, who oversaw the PowerPhotonic agreement, said it was a firm with real growth potential.
He added: “It is fantastic to help such an IP-rich (intellectual property), growing company, especially one which is able to bring so many skilled positions to the local area.
“We look forward to seeing how PowerPhotonic continues to expand over years to come.”