BluGlass raises $5.3 million in SPP

Compound semiconductor developer and maker BluGlass has announced the close of its share purchase plan (SPP), which raised $5.3 million before costs.

The company said in a statement on Tuesday that the raise will accelerate production and delivery related to new and existing contracts, as well as support additional fab equipment and working capital. It follows a share placement, which attracted $2.3 million in support and was announced as complete at the beginning of May

BluGlass’s focus is on visible gallium nitride laser diode products for industrial, defence, bio-medical, scientific and other industries. It described its pipeline of orders as “robust” – with 26 active projects “in various stages of negotiation,” and collectively valued at $US 90-100 million.

“… [D]iscussions and negotiations continue to progress as we work with key industry partners to design-in BluGlass lasers in next-generation quantum, aerospace, and defence applications,” said CEO Jim Haden.

Picture: credit BluGlass

Editor’s note: BluGlass Chair James Walker will appear alongside Calix CEO and Managing Director Phil Hodgson and MicroBioGen’s CEO Geoff Bell at @AuManufacturing’s Spotlight on Scaling up event on June 25 at UTS. Their panel is titled “Patient capital: how long tech takes at times”. You can find ticketing and other information here.

Further reading

BluGlass receives first order from Indian Ministry of Defence

BluGlass achieves gallium nitride laser world record result

BluGlass to provide chips for blue ocean LiDAR project