RCS - Light Science Tech. - Expansion of CEA Division’s Global Reach

Light Science Technologies HoldingsAnnouncement

05/10/2023 07:00

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RNS Number : 7229O  Light Science Tech. Holdings PLC  05 October 2023

 REACH

Light Science Technologies Holdings plc

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

 

Expansion of CEA Division's Global Reach

 

Consultancy Appointment of Industry Expert Richard Mills - to implement global
partnerships

 

Light Science Technologies Holdings plc (AIM: LST), the controlled environment
agriculture ("CEA") technology and contract electronics manufacturing ("CEM")
group, announces that it has appointed Richard Mills as an external
consultant via his agency Arkif Limited ("Arkif"), to scope and implement
global partnerships to sell the Group's NurturGROW lights,  SensorGROW
sensors and Tomtech control systems.

 

The Group is focused on expanding internationally - and global partnerships
will provide a low cost entry point while enabling LSTH to diversify its reach
of full turn key solutions into regions where growers have been less impacted
by high input costs. Initial scoping has been completed and the regions of
North America, Australasia and specific locations in the Middle East have been
identified for partnership building with businesses that are synergistic with
the Group's product range. For grow lights alone, the Group's total
addressable market is experiencing strong compound annual growth and is
expected to be worth in excess of US$6.5 billion, globally, by 2026*.

 

Arkif has a range of clients covering solar, greenhouses, sustainable waste
management as well as investors and it is targeting opportunities that could
include participation in a broader turnkey project for sustainable farming.

 

Richard spent five years as Managing Director of Haygrove Limited's Growing
Systems Division, where he was the international leader of its polytunnel and
growing systems business with £70m annual revenues and 200+ staff.

 

This role included commercial international expansion of the business into new
territories though a group of eight companies as well as developing a
marketing strategy to move the business into the higher technology sector of
greenhouse technology applied at field scale.

 

Richard's global CEA experience includes expanding Haygrove into new markets,
from conceptualisation, through planning and implementation, rolling new
businesses out in China, Germany and India. His tenure saw an 80% growth in
revenues and 300% improvement in profitability.

 

Simon Deacon, Chief Executive Officer of LSTH, commented: "We are delighted to
bring Richard's extensive experience of CEA into the team. Whilst the UK and
European CEA Markets are struggling due to high input costs, there are Global
regions with challenging climatic conditions that are not as heavily impacted
by these high input costs, where CEA is currently flourishing. We believe that
our products will provide value in these markets and look forward to working
with Richard to develop and monetise these opportunities."

 

*SOURCE: Mordor Intelligence

 

For additional information please contact:

 

 

 Light Science Technologies Holdings plc           www.lightsciencetechnologiesholdings.com

                                                 (http://www.lightsciencetechnologiesholdings.com/)

 Simon Deacon, Chief Executive Officer             via Walbrook PR

 Jim Snooks, Chief Financial Officer

 Andrew Hempsall, Chief Operating Officer

 Walbrook PR Ltd (Media & Investor Relations)      Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com (mailto:lst@walbrookpr.com)

 Nick Rome / Paul McManus

 

 

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

Light Science Technologies Holdings plc is the holding company of the Group's
controlled environment agriculture ("CEA") division, comprising Light Science
Technologies Ltd ("Light Science Technologies") and Tomtech (UK) Limited
("Tomtech"), alongside 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.
Tomtech, which was acquired in September 2023, further broadened the Group's
portfolio with its control systems usable across multiple crops in glasshouses
and other horticultural environments. Additionally, it generates long-term
recurring revenues via maintenance, servicing, and software contracts.

 

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.

 

Tomtech

Tomtech was established in 1986 as a sole trader and incorporated as Tomtech
(UK) Limited in 2011. Since then, it has become a UK leader in control systems
for commercial greenhouses and polytunnels. Since launching its first product
over 35 years ago, it has been at the forefront of the sector, providing
innovative and effective products and solutions.

 

It now provides comprehensive solutions to customers helping them create,
monitor and maintain an optimised cultivating environment within glasshouses
and other horticultural spaces. Its sensors monitor temperature, humidity,
light, carbon dioxide, pH, nutrients and more - whilst its intelligent systems
help control irrigation, fertigation, dosing, ventilation, light and more.

 

Its highly adaptive systems are used throughout the UK and Ireland to optimise
growing conditions for multiple types of crops grown within commercial
greenhouses and other horticultural environments.

 

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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