Announcement
Light Science Tech. : Additional sensorGROW trials and nurturGROW update
RNS Number : 5993F
Light Science Tech. Holdings PLC
08 November 2022
Light Science Technologies Holdings plc
("LSTH", the "Company" or the "Group")
Additional sensorGROW trials and nurturGROW update
· Additional trials secured for sensorGROW with potential roll-on subscriptions worth up to £167,000, over a three-year period
· PCT patent filed with Intellectual Property Office for nurturGROW tuneable luminaire
sensorGROW trials
Light Science Technologies Holdings plc (AIM: LST), the controlled environment agriculture ("CEA") technology and contract electronics manufacturing ("CEM") group, is pleased to announce that it has signed two further trial contracts for its recently launched sensorGROW product.
If successful, the trial contracts, which include one with a leading UK manufacturer of preserves, marmalades and associated products , could roll into subscriptions and be worth up to £167,000 in recurring revenues over a three year period. These trials are in addition to the ones announced on 22 September 2022, which are potentially worth up to £940,000.
The Group remains in talks with a variety of other growers regarding sensorGROW trials.
PCT Patent filed with Intellectual Property Office for nurturGROW tuneable luminaire
The CEA division has filed a PCT patent with the Intellectual Property Office for its nurturGROW 'tuneable' luminaire, featuring its pioneering LED grow lighting technology.
This allows any CEA grower the means to adjust both the lighting output to optimise energy costs and also adjust and precisely tune the light emission spectrums to suit a crop's growth cycle which in turn allows the grower to choose the light recipe for a variety of crops. This level of control is achievable at the touch of a button through nine independently controlled circuits within its patented modular luminaire.
Ideal for vertical farms and other multi-layer growth applications, the luminaire's slimline design is specifically suited for use in a closed, climate controlled growing facility and can maximise space, thanks to its lower profile and bespoke length.
Simon Deacon, CEO and founder of Light Science Technologies, said : " The Company remains focused on growing recurring revenues by providing technology, data collection, advisory and maintenance services for clients. We have a strong and growing product range that is aimed at broadening routes to market and strengthening cross-selling opportunities. We very much look forward to providing further updates in due course as we build on recent momentum."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
For further information, please contact:
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Light Science Technologies Holdings plc
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Simon Deacon, Chief Executive Officer Jim Snooks, Chief Financial Officer Andrew Hempsall, Chief Operating Officer |
via Walbrook PR |
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Strand Hanson Limited (Nominated & Financial Adviser)
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Tel: +44 (0) 20 7409 3494 |
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Ritchie Balmer / James Harris / Rob Patrick |
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Turner Pope Investments (TPI) Ltd (Broker) |
Tel: +44 (0) 20 3657 0050 |
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James Pope / Andy Thacker |
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Walbrook PR Ltd (Media & Investor Relations)
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Tel: +44 (0)20 7933 8780 or [email protected] |
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Nick Rome / Paul McManus |
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About Light Science Technologies Holdings plc (www.lightsciencetechnologiesholdings.com)
Light Science Technologies Holdings plc is the holding company of the Group's controlled environment agriculture ("CEA") division, Light Science Technologies Ltd ("Light Science Technologies"), and its contract electronics manufacturing ("CEM") division, UK Circuits and Electronics Solutions Limited ("UK Circuits").
Controlled Environment Agriculture
Light Science Technologies was founded in 2019 and is the Company's grow lights and sensor technology business, providing bespoke recipes and technologies tailored to customers' needs - with key targets including indoor, vertical, glasshouses, polytunnels and medicinal farming markets. The all-in-one CEA solution will include analysing customers' crop growing requirements to provide bespoke, low-energy and sustainable equipment.
Market drivers include food and water shortages in many parts of the world; growing global population; UK and other government policy encouraging sustainable and efficient growth methods; increased scrutiny of the effect of food production on climate change and the continuing transition away from processed foods.
sensorGROW
sensorGROW was launched in June 2022 and its technology will enable farmers to monitor the following key air zone growing factors in real-time: carbon dioxide levels, humidity, light, oxygen - and in the future: air speed, plant disease, soil, temperature and water pH levels. By monitoring these key growing factors, farmers can save money through better management of resources: water, nutrients, fertilisers and energy - while increasing yields and producing healthier crops.
nurturGROW
nurturGROW is a sustainable grow lighting product range, offering an innovative, high-performance and cost-effective solution for indoor farming, covering greenhouses, vertical farming, polytunnels and medicinal plants.
Created with four core component parts, the nurturGROW range is made of high quality, durable materials to give growers the ideal balance between strength and optimal performance, minimising the amount of materials needed to drastically cut down on waste and reduce carbon footprint.
Contract Electronics Manufacturing
UK Circuits is the Company's CEM focussed division, profit making with strong revenues. The Group designs, procures, and manufactures high-quality CEM products, specialising in Printed Circuit Boards, which are used in a range of sectors including audio, automotive, electronics, gas detection, lighting, pest control, telecommunications and, more recently, the CEA market.
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