Double jobs boost as Fife firms reveal major new investment.

Electronic payment and electric bicycle firms will benefit

Around 40 new jobs are being created in Fife after two local companies landed £370,000-worth of investment.

Renovite Technologies and Cyclotricity have both received Regional Selective Assistance (RSA) grants from Scottish Enterprise, with Fife Council supporting both companies to settle in their respective sites by helping with recruitment and skilling.

Renovite Technologies, an electronic payment company from California, has received a £250,000 RSA grant to help grow in Dunfermline.

A total of 28 new high-tech roles will be created to help meet demand for better payments software from banks and money management businesses worldwide.

Elsewhere, Cyclotricity will manufacture electric bicycles thanks to a £120,000 RSA grant, creating 12 manufacturing jobs at its new Glenrothes headquarters after relocating from the south east of England.

Ian Byrne, Cyclotricity regional manager, said the move to Fife is designed to make the firm more competitive.

“We looked at every possible location, but quickly narrowed it down to two,” he said.

“After considering every aspect, we decided that Glenrothes ticked every box and offered us an edge that was unavailable in any other potential UK site.”

Jim Tomaney, chief operating officer at Renovite Technologies, said its team in Scotland has more than trebled this year and it anticipates tripling this figure again over the next 12 months thanks to rising demand.

“When coupled with the support provided by Scottish Enterprise and Fife Council it puts us on track to compete with much bigger players,” he added.

Picture: Steven Brown. Paul Lewis of Scottish Enterprise, government minister Ivan McKee, Ian Byrne of Cyclotricity and Councillor Altany Craik with a Cyclotricity e-bike.