Up to 40 new jobs are set to be created across Fife, with a number of them based in Glenrothes following government investment.
Cyclotricity received Regional Selective Assistance (RSA) grant aid from Scottish Enterprise and are expected to be recruiting 12 of the 40 new posts.
Fife Council is now supporting the company to settle including assistance with recruitment and upskilling.
Relocating from the south east of England, Cyclotricity will manufacture electric bicycles thanks to a £120,000 RSA grant, creating the new manufacturing jobs at its Glenrothes headquarters.
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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 in Cyclotricity and another cirm in Dunfermline.
“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, regional manager, Cyclotricity, said: “The move to Fife is designed to make us more competitive. We looked at every possible location, but quickly narrowed it down to two. 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.
“When coupled with the support provided by Scottish Enterprise and Fife Council it puts us on track to compete with much bigger players. 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.
Cllr. Altany Craik, Convener – Economy, Tourism, Strategic Planning and Transportation at Fife Council, said: “The Council 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.
“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.”