The Select group and SJG Energy Solutions have become the latest recipients of backing from the £1m Torbay Growth Fund.
Select, based at Paignton in Devon, was awarded £112,500 towards a £450,000 project to build a 10,764 sq ft extension of its premises.
The expansion will help the company to mass produce its Alert range of asbestos detection equipment, creating 45 jobs over three years.
SJG, which is based in the South West Energy Centre at South Devon College, was given £12,000 to buy equipment and train new staff for its renewable energy installation business.
Alan Archer, managing director of the Select group, said: "The Torbay Growth Fund will provide Select with an invaluable resource at a crucial time in our growth."
Stuart Giles of SJG Energy Solutions said: "The Torbay Growth Fund will help us take on new staff as we expand our growing business at the South West Energy Centre into the renewable energy market as Green Deal assessors and installers, helping customers save money and energy."
The £1m Torbay Growth Fund was set up six months ago by Torbay Council and Torbay Development Agency.
To date, it has now invested £158,000 across five businesses, creating a total of 60 jobs.