Ross-shire Engineering has secured the potential investment across the next five years supplying equipment to Scottish Water.
The firm in Muir of Ord has already created 100 new jobs to allow it meet the needs of the utility company.
The investment has also provided additional job security to the existing 273 staff members.
First Minister Nicola Sturgeon visited the company's premises near Inverness on Monday, following a tour of Nigg Energy Park on the Cromarty Firth.
She said: "Ensuring a strong rural economy is crucial to Scotland's success.
"This funding Ross-Shire Engineering has secured provides a hugely welcome boost in providing skilled jobs and investment across the Highlands, as well as providing vital utility services to Scotland's homes and businesses.
"In particular, I am delighted they will be investing in their already strong apprenticeship job programme, providing vital training and employment to young people living in the Highlands in a competitive jobs market."
The first minister added: "Last week when I set out my Programme for Government I promised to protect Scotland's interests, particularly our economic interests, in the wake of the EU referendum.
"Driving sustainable economic growth is at the heart of that, and I am committed to ensuring this government does all it can to ensure Scotland's rural economy remains prosperous for future generations."

Madihah Taheer, Ummariyat Mirza and Zainub Mirza appeared at the Old Bailey in London on 28 April.
Mrs Taheer, 21, has been charged with assisting another to commit acts of terrorism by providing her bank details to purchase a knife.
Mr Mirza, the husband of Mrs Taheer, 21, is charged with preparing for a terrorist attack in the UK by buying a knife and other items.
Zainub Mirza from Eastfield Road, Bordesley Green, is charged with sending Islamic State propaganda videos to others.
Brother and sister Ummariyat Mirza, 21, and Zainub Mirza, 23, were remanded in custody until their next court appearance.
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Mrs Taheer, of St Agathas Road, Birmingham, was granted bail with strict conditions imposed.
The trio will next appear before Woolwich Crown Court on 4 September.
West Midlands Police said the charges were not linked to March's Westminster attack.
Funding of up to £200m has helped create new jobs at a Highlands engineering company.
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Three people have appeared in court charged with terrorism offences.