Light Science Tech. Holdings PLC New CEA Contract

RNS Number : 1559A

Light Science Tech. Holdings PLC

13 August 2024

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF UNITED KINGDOM LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Light Science Technologies Holdings plc

("LSTH", "Light Science", the "Company" or the "Group")

 

New CEA Contract

 

Light Science Technologies receives substantial nurturGROW order

 

Light Science Technologies Holdings plc (AIM: LST), comprising three divisions: Controlled Environment Agriculture ("CEA"); Contract Electronics Manufacturing ("CEM"); and Passive Fire Protection ("PFP"), is pleased to announce that it has received an order from the Richel Group ("Richel"), an agronomic solutions specialist, for its CEA nurturGROW lighting, worth £123k. Delivery will commence in January 2025, with the revenues being recognised in the first half of 2025.

 

Light Science Technologies will supply its nurturGROW lighting solution, customised to Richel's specifications, in an aeroponic glasshouse, being built over 0.5 hectares, in Germany. Leveraging the Company's bespoke solution to ensure the right light recipe for the growing environment, it will be used to grow a variety of leafy greens and is expected to become operational in Q1 2025.

 

The Company's nurturGROW offering provides a suite of glasshouse products that assists the cultivation of consistent, flavourful crops, with the potential for all year round growing. Set up is customisable, upgradable and reuseable, futureproofing installations and creating the right recipe for the customer's environment, maximising yields and reducing costs.

 

The CEA division delivered revenues of c. £500k in the eight months to 31 July 2024 and has a quoted pipeline of over £40m. Comprising Tomtech and Light Science Technologies, it provides control systems, grow lights, sensor technology, venting, and irrigation systems to support commercial growers.

 

The Richel Group has manufactured agricultural glasshouses for over 50 years and is a leader in their design, production and implementation, prizing performance and sustainable growing solutions. Its glasshouses cover more than 12,000 hectares across 95 countries.

 

Simon Deacon, CEO of LSTH, commented: "This substantial order highlights the increased interest in our CEA solutions as we aim to convert our growing global quoted sales pipeline.

 

"We're delighted to support Richel, who are experts in commercial horticulture, as they seek to improve their clients' crop output and consistency.

 

"Global food and water shortages, growing populations, climate change, consumer habits and government policy are all forcing producers to look at the way we grow food. We believe our CEA division is well positioned to take full advantage of the substantial long-term commercial opportunities in this market."

 

 

For additional information please contact:

 

Light Science Technologies Holdings plc	www.lightsciencetechnologiesholdings.com
Simon Deacon, Chief Executive Officer Jim Snooks, Chief Financial Officer Andrew Hempsall, Chief Operating Officer	via Walbrook PR
Strand Hanson Limited (Nominated & Financial Adviser) Ritchie Balmer / James Harris / Rob Patrick	Tel: [phone]
Oberon Capital (Broker) Mike Seabrook / Nick Lovering	Tel: [phone]
Walbrook PR Ltd (Media & Investor Relations)	Tel: [phone] or [e-mail]
Nick Rome / Joe Walker

 

Notes to Editors:

 

About Light Science Technologies Holdings plc (www.lightsciencetechnologiesholdings.com)

Light Science Technologies Holdings plc operates through three divisions: controlled environment agriculture ("CEA"); contract electronics manufacturing ("CEM"); and passive fire protection ("PFP"). The company is involved in the design, manufacturing, and installation of products and customized solutions spanning various industry sectors, including commercial horticulture, pest control, lighting, audio, gas detection, and fire protection. With a focus on addressing global challenges related to food security, climate change, and fire protection, the Group is committed to developing robust solutions in these rapidly growing market sectors.

 

LSTH is the holding company for Light Science Technologies Ltd ("Light Science Technologies") and Tomtech (UK) Limited ("Tomtech") in the CEA division; UK Circuits and Electronics Solutions Limited ("UK Circuits") in the CEM division; and LSTH IFB Limited ("LSTH IFB") in the PFP division.

 

Controlled Environment Agriculture

The Group's tailored solutions encompass control systems, grow lights, sensor technology, venting, and irrigation systems, catering to both UK and global customers. Key markets include indoor, vertical, glasshouses, polytunnels, and medicinal farming. Driving factors comprise global food and water shortages, a growing population, government policies promoting sustainable growth methods, heightened scrutiny of food production's impact on climate change, and a shift away from processed foods. Key markets span the Americas, Australasia, and select locations in the Middle East.

 

The sensorGROW technology enables real-time monitoring of essential air zone growing factors such as carbon dioxide, air humidity, air pressure, air temperature, and light. In development, it aims to extend monitoring to soil temperature, soil moisture, and soil electroconductivity. This empowers farmers to enhance resource management, saving costs on water, nutrients, fertilizers, and energy, while simultaneously increasing yields and cultivating healthier crops. Learn more here https://lightsciencetech.com/sensorgrow/ . The nurturGROW sustainable grow lighting product range, applicable to glasshouses, vertical farming, polytunnels, and medicinal plants, addresses a robust market with an anticipated global worth exceeding US$6.5 billion by 2026. Explore solutions here https://lightsciencetech.com/solutions/glasshouse/

 

Through Tomtech, the Group stands out as a UK leader in control systems for commercial glasshouses and polytunnels. Tomtech enables growers in optimizing and automating cultivation environments, leading to superior crop growth. The product range includes control systems, software, irrigation, lighting, sensors, and venting, applicable across various crops, ultimately improving yields and profitability. Discover more here https://www.tomtech.co.uk/

 

Contract Electronics Manufacturing (https://www.ukcircuits.co.uk/)

 

UK Circuits serves as the Group's profitable and revenue-strong CEM-focused division. It excels in designing, procuring, and manufacturing high-quality CEM products, with a specialization in Printed Circuit Boards. These products find application across diverse sectors such as audio, automotive, electronics, gas detection, lighting, pest control, telecommunications, and, more recently, in the CEA market.

 

Passive Fire Protection (https://injectafirebarrier.com/)

 

LSTH IFB offers a practical and cost-effective solution to rectify non-compliant public and private buildings, spanning residential, commercial, and industrial sectors, with regard to fire safety regulations-a challenge addressed by a £5.1 billion allocation from the UK government. Serving as the UK's premier independent approved installer, LSTH IFB utilizes the ground-breaking Injectaclad fire-resistant graphite barrier system. This system is retroactively installed within building cavities, reinstating fire-resistant performance and containing the spread of fire and smoke compliant with regulatory requirements. This innovative solution stands out as an appealing alternative to the more costly and disruptive method of removing external facades and installing traditional fire barriers. With a proven track record in the passive fire protection market and a robust sales pipeline, LSTH IFB targets a UK market potentially valued at up to £50 billion*.

 

* Estimators price cladding replacement at 10 times government budget (theconstructionindex.co.uk) 2021

 

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