Funding boost for Fife laser tech outfit PowerPhotonic
PowerPhotonic, a designer and maker of micro-optics for the laser industry, has received a £750,000 finance package from Clydesdale Bank.
Founded in 2004, the Dalgety Bay-based business said the funding would “propel the company into a new phase of growth” as it establishes a new operating facility.
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“The growth will include bringing 16 new permanent highly skilled jobs to the local area over the next three years,” PowerPhotonic said.
The group is recognised as a world leader in the field of micro-optics, and has developed a commercial technology out of research done at the Institute of Photonics and Quantum Sciences at Heriot-Watt University, Edinburgh.
As part of its expansion plans, it has also been successful in applying for a regional selective assistance grant of £245,000 from Scottish Enterprise. That takes funds raised for business growth to almost £1 million.