American lighting company ProPhotonix intends to raise about £6m on Aim. If it succeeds, ProPhotonix will become only the second US company to join Aim.

Previously listed on the Pink Sheets market, ProPhotonix is hoping to attract investor interest this side of the Atlantic because its LED operations are based in Cork, Ireland, and its laser operations are in Stansted, Essex.

According to Mark Blodgett, chief executive, growth is coming from the LED lighting operations, and he wants to raise funds for expansion.

"This summer we added a third shift in Cork," he says. "Demand is exceeding capacity, which is a good problem to have."

In Q2, revenues from LED light engines more than doubled to $1.7m (£1.1m), taking the total up 41 per cent to $3.7m and putting the company into break-even on earnings before interest, tax, depreciation and amortisation.

The company, which expects to have a market capitalisation of about £18m, has developed a "chip-on-board reflective array"– known as cobra – method of harnessing LEDs. Cobra effectively dissipates heat and optimises light emission.

Mr Blodgett says LEDs have less than 3 per cent of the general illumination market, which is worth $100bn a year.

His intention is to supply "plug and play" light engines to lighting fixture companies as potential customers become more aware of the cost and energy savings gained by using LED systems.