Bluglass (ASX:BLG) new big orders, secures $10M

BluGlass (ASX:BLG) has secured two purchase orders from established industry players, as well as a leading international research institution, for its single-mode and multi-mode lasers.

The global semiconductor developer that manufactures gallium nitride lasers, says the orders are to be used for testing and qualification of advanced applications such as quantum, energy, and industrial applications.

BluGlass has also secured $10.2M in commitments from institutional and sophisticated investors via a Placement and is offering a non-renounceable Entitlement Offer of up to $2.7M to existing shareholders.

The company says funds will be used to scale product delivery, expand the laser offering, and address new markets.