Dalgety Bay micro-optics manufacturer receives six-figure funding

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27/07/2017

PowerPhotonic Ltd, a Dalgety Bay-based designer and manufacturer of micro-optics for the laser industry, has received a £750,000 finance package from Clydesdale Bank’s Growth Finance Team.

The company, established in 2004, is recognised as a world-leader in the field of micro-optics and has developed a commercial technology from research undertaken at the world-renowned Institute of Photonics and Quantum Sciences at Heriot-Watt University, Edinburgh.

The company designs, manufactures and sells precision micro-optics worldwide for the laser industry. The main applications are in the industrial materials processing, medical, telecoms, scientific and defence markets.

Creating new jobs

The finance package received by PowerPhotonic will help the company establish a new operating facility, growing their capacity and ability to meet market demands. The growth will bring 16 new permanent highly-skilled jobs to the local area over the next three years.

As part of these growth plans the company has also been successful in applying for a Regional Selective Assistance grant of £245,000 from Scottish Enterprise, which brings the total funds raised for the growth project to almost £1m.

Demand growing worldwide

Responsible for delivering the deal, Christopher Kennedy of Clydesdale Bank’s Growth Finance Team, said: “It is fantastic to help such an IP-rich, 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.”

Roy McBride, Managing Director at PowerPhotonic, said: “Our unique optics are in growing demand worldwide. This funding will enable us to increase our capacity, including building a new state-of-the-art class 1000 clean room facility. We look forward to working with Clydesdale Bank as we move into this next exciting stage of our company development.”