Smart Fibres Ltd., a global provider of Fibre Bragg Grating (FBG) sensing solutions, today announced that it has closed a $3.5M investment to fund the significant growth that is foreseen in the coming years.
The Company has developed several cost effective, high value solutions for numerous demanding application sectors including oil & gas, renewable energy and aerospace. Notably, a major international oil Company has accredited Smart Fibres’ solution for distributed pressure sensing with its highest available technology readiness level. This opens opportunity for the oil Company’s operating units across the world to exploit the solution to aid enhanced oil recovery, something of particular value in a time of low oil prices.
This event represents a pivotal moment for Smart Fibres, and starts a period of transformation from a principally technology development focus to a high volume / high value manufacturing focus. The $3.5M investment secured will accelerate this transition by providing the capital equipment and skills required to upscale manufacturing volumes whilst reducing manufacturing costs and retaining high product quality. The Company’s other existing system solutions, instruments and sensor products will all benefit from the economies of scale brought by this transformation.
Meanwhile, Smart Fibres’ ongoing leading-edge research and development projects will bring to market tomorrow’s value solutions in other application areas and further product enhancements, so ensuring the Company’s continued future growth.