Around 40 new jobs are being created in Fife after two local companies landed £370,000 worth of investment.
Renovite Technologies and Cyclotricity have both received Regional Selective Assistance (RSA) grants from Scottish Enterprise, with Fife Council supporting both companies to settle in their respective sites by helping with recruitment and upskilling.
Renovite Technologies, an electronic payment company from California, has received a £250,000 RSA grant to help grow in Dunfermline.
A total of 28 new high-tech roles will be created to help meet demand for better payments software from banks and money management businesses worldwide.
Elsewhere, Cyclotricity will manufacture electric bicycles thanks to a £120,000 RSA grant, creating 12 manufacturing jobs at its new Glenrothes headquarters after relocating from the south east of England.
Minister for Trade, Investment and Innovation, Ivan McKee said: “We want Scotland to be the best place to live, work and invest so we are committed to growing the economy in a sustainable and inclusive way.
“These awards will bring new high tech jobs to Fife, helping to grow the local economy, thanks to £370,000 of investment support.
“The Scottish Government is supporting businesses to maximise the opportunities that come from established strengths in innovation and technology. Scotland has huge economic potential so we are determined to work with businesses to unlock more high skilled jobs like these.”
Ian Byrne, Cyclotricity regional manager, said the move to Fife is designed to make the firm more competitive.
“We looked at every possible location, but quickly narrowed it down to two,” he said.
“After considering every aspect, we decided that Glenrothes ticked every box and offered us an edge that was unavailable in any other potential UK site.”
Jim Tomaney, chief operating officer at Renovite Technologies, said its team in Scotland has more than trebled this year and they anticipate tripling this figure again over the next 12 months thanks to rising demand.
“When coupled with the support provided by Scottish Enterprise and Fife Council it puts us on track to compete with much bigger players,” he added.
“We can now develop new products and make new hires because of RSA and R&D funding.”
Paul Lewis, managing director, international operations at Scottish Enterprise, said: “Two new inward investors, bringing significant numbers of new jobs and economic impact is fantastic news for Fife, and is a real endorsement of this region’s attractiveness to foreign investors, in terms of availability of skills, connected business infrastructure and quality of life.”
Those comments were echoed by Councillor Altany Craik, the region’s economy committee convener.
“Fife Council through Invest in Fife is now actively working with both of these companies to help them further establish themselves here as quickly as possible and support their growth plans,” he reveled.
“Fife is a great place for businesses to establish themselves and grow, and this funding is delivering local employment opportunities as well as wider economic and community benefits.”