Dr Gareth Jones,Gary Gould and Dr David Hardman of the Birmingham Science Park
LUX-TSI,the accredited laboratory services company,has secured£430,000 of investment to expand facilities at its Birmingham operations and at its Bridgend headquarters.
The company,which specialises in the testing of photonics,energy-efficient lighting and consumer products,secured a£158,000 grant awarded by the Welsh Government,a£150,000 loan from Finance Wales,£100,000 of loan income from Asset Advantage and a£25,000 loan from private financier Henry Howard Finance.
With laboratories at Birmingham Science Park,Aston and at its headquarters at the Sony UK Technology Centre in Bridgend,South Wales,the Welsh firm is a preferred partner of global testing company UL(Underwriters'Laboratories).Owing to increasing demand from UK firms wishing to certify products for global markets,the company said it created six new jobs during 2012.
Dr Gareth Jones,chief executive of LUX-TSI said:"We experienced very strong growth in 2012 and have significantly strengthened our partnership with UL,offering testing and certification services for LED lighting and other products.Growth projections for this year are even stronger,enabled by the new investment through a combination of public and private funding.We expect turnover to rise by over 200 per cent this year and are planning to recruit at least five new professionals to join the team.The£430,000 of additional working capital we now have will help significantly with expanding the facilities and the variety and amount of work we can undertake at our Bridgend HQ and Birmingham Science Park laboratories."
Ann Casey,investment executive for Finance Wales'technology venture investments team said:"LUX-TSI provides a comprehensive range of specialised services to test and accredit energy-efficient lighting.With all new lighting products requiring accreditation,the company's current growth levels are impressive.Our investment will underpin LUX's expansion,providing the working capital it needs to increase its capacity in line with demand,as well as to develop services for new markets."
Birmingham Science Park also runs a £770,000 European Regional Development-Funded project with LUX-TSI,called the Ultra Efficient Lighting Product Development Centre.SMEs with prototype and early-stage designs for new low-carbon lighting solutions can take advantage of support into research and development.The Development Centre is assisting with the creation of'next generation'low energy lighting products.
