Bluglass raises $10.2 million, seeks another $2.7 million as it grows laser production, product range

Semiconductor company Bluglass told the ASX on Monday that it has received commitments worth $10.2 million through a placement and is seeking to raise a further $2.7 million as it ups the production and range of its new laser diode products.

The new capital will be used to purchase “additional fab equipment to scale and speed product delivery” as well as increase the company’s product offering. 

Bluglass released its first collection of gallium nitride (GaN) laser products at the SPIE Photonics West industry conference in San Francisco earlier this year.

CEO Jim Haden said on Monday that the new capital will “accelerate our commercialisation progress”, following a “very encouraging” response to the initial products.

“We’re also investing in our GaN laser offering to leverage our competitive advantages, address new markets and applications, and take market share,” said Haden. 

“At the same time, we’re continuously improving the power and efficiency of our products toward world-class standards which will support growth in orders and revenue.”

Commitments came from “international and Australian institutional and sophisticated investors”, according to a statement from the company, which will undertake a non-renounceable entitlement offer to eligible current shareholders. 

Both the placement and entitlement offer are priced at $0.06 per share, a 20 per cent discount on the closing price on March 8. Bell Potter Securities is lead manager and bookrunner for both.

Picture: credit Bluglass

BLUGLASS DEMONSTRATES WORKING LASER DIODES

BLUGLASS FOCUSES ON MANUFACTURING IMPROVEMENT, RAISES CASH

AUSTRALIA’S PLACE IN THE SEMICONDUCTOR WORLD: REPOSITIONING AUSTRALIA’S CHIP INDUSTRY