A firm from Cheshire is to use funding to expand into the LED lighting market.
Diamond Electronics has been awarded a six-figure sum from NatWest as part of the Enterprise Finance Guarantee Scheme, which is supported by the government.
The family-owned firm, which was established in 1979, plans to expand its network of suppliers in the Far East.
As a result, it hopes to increase its turnover by £1.5 million over the next three years, Crain's Manchester Business reports.
Managing director Darren Hesketh said: "We believe LED lighting represents a major growth opportunity given the rising energy costs facing both domestic households and business owners."
Demand for LED lighting devices is rising as they use up to 90 per cent less energy that traditional bulbs, which can help to save both money and the environment.
In related news, Teclumen recently launched a new range of LED lighting devices – called Mini Subs – that are suitable for use in the shallow areas of swimming pools.