PhotonStar LED Group (www.photonstarled.com) — a designer and manufacturer of ‘intelligent’ lighting technology, with facilities in Tredegar — has raised £465,000 by placing 37.2 million new shares with existing investors and directors of the company at a price of 12.5p per share (the placing was undertaken by broker Northland Capital Partners).

PhotonStar will use some of the proceeds as working capital and some to fund the proposed roll-out of the Halcyon PRO2 and Halcyon CloudBMS platform. Chief executive James McKenzie said: “We are very grateful for the support of our existing shareholders with regard to this placing.

“As detailed in January’s trading update, the company experienced challenging trading conditions during the second half of 2016, which continued during the first quarter of 2017.

“However, following the company’s participation in the IBM InterConnect 2017 Conference in March, the management have felt more confident about its prospects for 2017 and beyond. A period of hard work lies ahead, but this placing allows PhotonStar to look forward with renewed optimism.”