Expansion of nurturGROW Range & CEM update
Light Science Technologies Holdings plc
("LSTH", the "Company" or the "Group")
Expansion of nurturGROW Range
and CEM division update
Light Science Technologies Holdings plc (AIM: LST), the controlled environment agriculture ("CEA") technology and contract electronics manufacturing ("CEM") group, is expanding its nurturGROW lighting product portfolio with the launch of its 'slimline' Vertical Farm range, further reducing the space and energy required for multi-layer applications.
· Expanded range broadens routes to market
· Expected margin improvement on Virtical Farm sales
· Increasingly sustainable model
· CEM division strengthens relationship with Rentokil
The Vertical Farm range, which is ideal for cultivation, is designed to maximise space within a vertical/city farm, container or research centre - broadening the reach of nurturGROW's solutions, which currently predominantly target glasshouse and polytunnel growers. As with its existing products, users will benefit from reductions in energy requirement and reduced operating costs without compromising performance. Additionally, the Vertical Farm range has lower production costs, which is expected to have a positive effect on margins as sales scale up in the medium to long term.
The nurturGROW lighting portfolio provides growers with a compelling, energy efficient solution and recyclable and reusable design. At least 85% of its components are reusable, allowing growers to easily upgrade units cost effectively and with no downtime - further enabling farmers to maximise yields and reduce costs.
nurturGROW's product range delivers up to nine independent light spectrums meaning that growers can choose the right crop recipe. These can easily be changed/updated using the same lighting system, to give the flexibility of a tailored option to create the perfect light spectrum for crops through the complete crop growth cycle.
The Company is launching the expanded range at the Indoor Agtech Innovation Summit, New York, which is attended by the world's leading growers, retailers, investors, seed companies and technology providers - with the focus on optimizing productivity, scale and sustainability in CEA and Vertical Farming.
Contract Electronics Manufacturing Update
The Company is also pleased to announce that it has signed an agreement crystalizing its long-term partnership with Rentokil. The CEM division continues to have strong visibility and remains on target to meet forecasts for the current year.
Simon Deacon, CEO and founder of Light Science Technologies said : "We are focused on growing revenue streams and routes to market. The Vertical Farm range is designed to appeal to both existing and new clients and will further enable us to grow our market share.
"At a time of rocketing energy prices, indoor farmers are under increasing pressure to find more energy efficient ways of growing their crops to save costs long-term. nurturGROW is a solution which is backed by a 25-year product lifecycle, ensuring growers maximise use of every element over a longer lifespan to generate maximum yields and save them a third on future costs.
"There is also the sustainability element; this doesn't just apply to indoor farming methods but must cover the products too, which is why nurturGROW drastically cuts down on landfill waste and reduces carbon footprint by minimising the amount of materials used.
"Our new Vertical Farm range enables more growers in the market to reap the advantages of nurturGROW, whether on a vertical or city farm or in a research centre where space may be more limited. In short, it helps them grow more with less."
For further information, please contact:
|
Light Science Technologies Holdings plc
|
|
|
Simon Deacon, Chief Executive Officer Jim Snooks, Chief Financial Officer Andrew Hempsall, Chief Operating Officer |
via Walbrook PR |
|
|
|
|
Strand Hanson Limited (Nominated & Financial Adviser)
|
Tel: +44 (0) 20 7409 3494 |
|
Ritchie Balmer / James Harris / Rob Patrick |
|
|
Turner Pope Investments (TPI) Ltd (Broker) |
Tel: +44 (0) 20 3657 0050 |
|
James Pope / Andy Thacker |
|
|
|
|
|
Walbrook PR Ltd (Media & Investor Relations)
|
Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com |
|
Nick Rome / Paul McManus |
|
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.
Contract Electronics Manufacturing
UK Circuits is the Company's CEM focussed division, with strong revenue and cash generation. 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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 17 minutes ago Prudential
- 29 minutes ago Vanquis Banking Group 20
- 2 hours ago Frasers Group
- 2 hours ago Cavendish Financial
- 2 hours ago Diaceutics