Fusion Optix, a Woburn, Massachusetts, company that develops, manufactures and sells energy-efficient lighting products, optical components and LED modules, received a $1.5 million Emerging Technology Fund loan from MassDevelopment to help the firm upgrade its production facility, creating dozens of jobs over the next three years.
The company focuses on producing technologies that reduce energy consumption and improve light control. Fusion Optix's expansion at 19 Wheeling Avenue in Woburn, Mass., northeast of Boston, will also support employment at some of the 30 Massachusetts supply-chain businesses with which the company works, MassDevelopment officials said. The loan will help the firm expand its operation, enabling it to purchase manufacturing equipment, and providing working capital for inventory needs, and build-out for new space needs.
"We are extremely pleased to receive these funds from MassDevelopment. Fusion Optix is at an exciting time in its development and we look forward to building on our contribution to the Massachusetts economy," said Dr. Terence Yeo, CEO and Founder of Fusion Optix. "The timing of this loan couldn't be better for the company. Fusion Optix has become recognized as one of the most innovative and fastest growing manufacturing companies in the USA. We are technology leaders in our industry and we needed this capital to continue that growth and expand our manufacturing capabilities and staff at our Woburn facility."
Fusion's energy-efficient products consist of components, LED modules, and other LED lighting products for manufacturing customers in North America, Asia, and Europe. The company's patented optical technology also reduces energy waste from inefficient fluorescent and incandescent lighting. The company said it will continue to focus on technology and products that help reduce energy consumption and improve performance of lighting systems.
"Efficient, flexible, high-tech: these words describe both Fusion Optix's lighting products and emerging technology companies in the Commonwealth," said MassDevelopment President and CEO Marty Jones. "We're pleased to leverage these funds for Fusion Optix's expansion and help the company play a larger role in the dynamic Massachusetts economy."