The Scottish Executive has bestowed a 2002 Smart: Scotland award on PhotoSynergy Ltd. of Dundee, UK, to help the company commercialize its technology. Formed last year as a joint venture between Ferranti Photonics Ltd. of Dundee and the University of St. Andrews in the UK, the company produces IR and green lasers that have applications in display and emergency safety lighting, and in the industrial, scientific and medical fields. As one of the 16 round-three winners of this funding to assist new and existing small businesses, PhotoSynergy received a share of £720,000 ($1.2 million) to conduct technical feasibility studies. Nearly £1.7 million ($2.7 million) will be made available to the winners to help them develop prototypes.