A Scottish gas meter technology firm is to press ahead with major growth plans after securing a £45m loan facility.
Smart Metering Systems (SMS) will use the money to fund a “phased installation” of meters over the next two years.
The Glasgow-based firm is hoping to take advantage of a drive to fit every UK home with a smart meter by 2020.
The banking facility was provided by Barclays in partnership with Clydesdale Bank and Lloyds Bank.
SMS said it now had more than £55m at its disposal, including funds raised from floating on the stock market last year and cash generated from operations.
Chief executive Alan Foy said: “The company was able to negotiate a substantial increased facility with extremely good rates.