REG - Light Science Tech. - Award of Product Development Grant Funding

Light Science Technologies HoldingsAnnouncement

22/03/2024 07:00

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RNS Number : 8754H  Light Science Tech. Holdings PLC  22 March 2024

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Light Science Technologies Holdings plc

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

 

Award of Product Development Grant Funding

 

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 is participating in a 12 month £299,748 collaboration,
funded by The Department for Environment, Food and Rural Affairs (Defra) and
Innovate UK's Transforming Food Production Challenge. Light Science
Technologies Ltd will receive a grant worth £188,251 over the duration of the
programme.

 

The Company-led project, "SensorGROW: an intuitive, cost effective and
scalable precision growing platform, powered by a network of unified
agri-sensor nodes", consortium includes Bridge Farm,  a leading UK
horticultural expert, and UK grower Zenith Nurseries. The consortium will
deliver this 12-month industrial research project, focussing on extending
LSTH's existing SensorGROW air zone sensor to provide root zone data via a
robust TRL7 technology platform through design refinement, prototyping, and a
real world 4-month technical feasibility assessment. In the report titled
"Smart Agricultural Market Size" by Global Market insights the current market
estimates for cumulative smart agriculture sales growth for the nine years
from 2023 to 2032 is expected to be $55bn with a 12% CAGR*.

 

Within the 10 million m2 of protected growing environments (polytunnels,
glasshouses, CEA and vertical farms), cultivation processes remain dominated
by conventional, and inefficient crop husbandry methods, with labour, energy,
and fertilizers/chemicals being the top three expenses for growers. The
collaboration will enable the SensorGROW product to increase productivity by
eliminating manual readings and field walks, and support resilience by
detecting climate issues, crop diseases, and pests sooner. Furthermore,
SensorGROW can enhance the sustainability position of the Agriculture industry
by using resources (energy, fertilisers, etc.) in an effective, targeted
manner. With SensorGROW and LSTH's grow lights, year-round growing becomes
technically and commercially viable. Moving towards 24 hour growing times and
increasing crop yields will have a significant economic benefit for growers.

 

Bridge Farms is a leading UK horticultural plant expert with decades of
innovation since 1988. Its state-of-the-art facilities and glasshouses combine
leading edge technology and advanced horticultural science. Its role will be
to participate in the assessment of technical feasibility and provide input on
end-user designs.

 

Zenith Nurseries is a commercial-scale producer of fine leaf salads with 16
multispan polytunnels and 42+ years of farming and agronomy experience. Its
role will be to input on the End-user design and needs and gives access to
growing facilities for demonstration and prototype testing. This project is
Zenith's second collaboration with Light Science Technologies Ltd so continues
the close working relationship that has already been cultivated.

 

Simon Deacon, Chief Executive Officer of LSTH, commented: "We are extremely
excited to be part of this consortium. There is growing need for innovative
solutions that will help increase food security and crop yields and we are
delighted to be working with a range of partners that are at the forefront of
change and providing welcome solutions to global cultivation challenges.

 

"Since launching SensorGROW in June 2022 we have made great strides in
developing the technology. This collaboration creates the perfect platform for
us to further develop the technology, with the aim of empowering farmers to
enhance resource management, saving costs on water, nutrients, fertilizers,
and energy, while simultaneously increasing yields and cultivating healthier
crops."

 

* Smart Agriculture Market Size & Share, Growth Report 2032
(gminsights.com)
(https://www.gminsights.com/industry-analysis/smart-agriculture-market)

 

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

 Strand Hanson Limited (Nominated & Financial Adviser) Ritchie Balmer /      Tel: +44 (0) 20 7409 3494
 James Harris / Rob Patrick

 Oberon Capital (Broker)                                                     Tel: +44 (0) 203 179 5300

 Mike Seabrook / Nick Lovering

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

 

 

 

Notes to Editors:

 

About Light Science Technologies Holdings
plc (www.lightsciencetechnologiesholdings.com
(http://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/
(https://lightsciencetech.com/sensorgrow/) . The nurturGROW sustainable grow
lighting product range, applicable to greenhouses, 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/greenhouse/
(https://lightsciencetech.com/solutions/greenhouse/)

 

Through Tomtech, the Group stands out as a UK leader in control systems for
commercial greenhouses 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/
(https://www.tomtech.co.uk/)

 

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

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