Fife-based Power Photonic Ltd (www.powerphotonic.com), a designer and manufacturer of micro-optics for the laser industry, has received a £750,000 finance package from Clydesdale Bank’s Growth Finance Team.

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

It designs, manufactures and sells precision micro-optics world-wide for the laser industry, and its technology is already being applied in industrial materials processing, medical, telecoms, scientific and defence markets.

The finance package received by PowerPhotonic will enable the company to establish a new operating facility bringing 16 new permanent highly-skilled jobs to the local area over the next three years. As part of its growth plans, the company has also been successful in applying for a £245,000 Regional Selective Assistance grant from Scottish Enterprise.

Managing director Roy McBride said: “Our unique optics are in growing demand world-wide. This funding will enable us to increase our capacity, including building a new ‘state of the art’ Class 1000 clean-room facility.”