Fusion Optix receives $1.5m loan from MassDevelopment

By Chris Reidy, Globe Staff

MassDevelopment, the state’s finance and development agency, said it has provided a $1.5 million Emerging Technology Fund loan to Fusion Optix, a Woburn company that develops, manufactures, and sells energy-efficient lighting products.

The company has been growing quickly, and “we needed this capital to continue that growth and expand our manufacturing capabilities and staff at our Woburn facility,” Terence Yeo, chief executive and founder of Fusion Optix, said in a statement.

MassDevelopment works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During fiscal 2011, MassDevelopment said it financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy.