The company received the cash from the Finance for Business North East Proof of Concept Fund and the Finance for Business North East Accelerator Fund managed by Northstar Ventures. The money will go towards increasing production of LCL’s two products, one for industry and one for streetlighting, at Ashington-based manufacturer Raytec.
Since the company’s launch last October it has secured £500,000 worth of sales and hopes this year will see further growth.
Chief executive Tim Cantle-Jones said he anticipates that 25 per cent of the company’s turnover will come from exports in the next two years, as the world converts to LED lighting.
He told local press he hopes to secure more than £2 million in sales by the end of the year, and to achieve annual sales of £10m in the next three years.