Zenith and Rentokil Contracts Update
Light Science Technologies Holdings plc
("LSTH" or the "Company")
Zenith and Rentokil Contracts Update
Light Science Technologies Holdings plc (AIM: LST), the controlled environment agriculture ("CEA") technology and contract electronics manufacturing ("CEM") group, announces the start of its contract with Zenith Nurseries Ltd ("Zenith Nurseries") with a total potential value of up to £13.84 million*.
· Commencement of contract potentially worth up to £13.84 million*
· New cloche product to extend routes to market
· New orders from existing client in CEM division underpinning strong forward order book
As disclosed in the Company's Admission Document, the project involves a consortium (Light Science Technologies Ltd, Zenith Nurseries and Morrish Engineering Limited) developing a cloche lighting and sensor technology system.
This innovative product seeks to bring lighting and sensor technology to the controlled environment technology market for growers in polytunnel and glasshouse environments. Furthermore, the solution is intended to extend the use of the Company's nurturGROW Sensor to new market applications, such as agriculture fields. The cloche lighting and sensor technology system is expected to be the first retrofittable, all-in-one lighting-sensing-automation rig providing year-round harvests for the grower across multiple plant varieties.
With an initial potential UK market of 4,000 industrial growers, producing over 300 types of field-scale and protected vegetable and salad crops, and tree and berry fruits, the solution will aim to improve productivity by increasing yields. It will look to help growers by providing a possible solution to labour shortages and reduce the need for import substitution by extending the harvest window.
* subject, inter alia, to certain milestones and conditions as more fully described in the Company's announcement on 15 October 2021 .
Contract Electronics Manufacturing Update
UK Circuits and Electronics Ltd has received new orders from Rentokil Initial plc totalling c. £580,900 which are expected to be delivered through the first half of FY 2022, underlying our confidence in the prospects for this division.
The forward order book for UK Circuits and Electronics Ltd currently stands at approximately £5 million.
Simon Deacon, CEO of Light Science Technologies Holdings plc, commented: " The development of the LED grow lighting cloche/rig solution is an exciting progression in our product portfolio. We are delighted to be working with growers in the development of tailored supplementary hybrid lighting (LED and natural light) system providing targeted, actionable data insights of the nine cardinals of plant life and soil health, based upon the data collected.
"We already have good levels of visibility across both our divisions which provides a solid platform for growth. Importantly, we have a growing number of routes to increased commercialisation and believe that we are well placed to scale up rapidly."
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon publication of this announcement, this information is now considered to be in the public domain.
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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James Harris / Ritchie Balmer / 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 lst@walbrookpr.com |
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Nick Rome / Paul McManus / Nicholas Johnson |
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About Light Science Technologies Holdings plc ( www.lightsciencetechnologiesholdings.com )
Light Science Technologies Holdings plc was incorporated in England and Wales on 13 January 2020 and is the holding company of the Group's contract electronics manufacturing ("CEM") division, UK Circuits and Electronics Solutions Limited, and its controlled environment agriculture ("CEA") division, Light Science Technologies Ltd.
UK Circuits was founded in 1997 and is a contract electronics manufacturer with strong revenue and cash generation. The Group's manufacturing facilities in Manchester, United Kingdom enable the Group to design, manufacture and test high-quality CEM products used in a broad range of sectors.
Light Science Technologies was founded in September 2019 and facilitates the Company's CEA operations. The Group's state-of-the-art laboratory facilities in Derby, United Kingdom, enable the Group to design, test and provide innovative CEA products and services.
The CEM focussed division of the Group, UK Circuits, designs, procures and manufactures high-quality CEM products, specialising in PCBs, for over 70 recurring customers, which are used in a range of sectors, including, audio, automotive, electronics, gas detection, lighting, and pest control. The UK Circuits design team works alongside customers with new and existing product designs to provide design and engineering support, including simulation, 3D modelling, and prototyping. UK Circuits' procurement offerings range from assembly of free issue components to full turnkey solutions, leveraging the experience of its dedicated supply chain team and relationships with reputable suppliers.
In addition to the Group's CEM capability, the Group's CEA division, offers integrated, cost-saving and sustainable CEA solutions to crop growers, with a focus on the indoor, vertical and medicinal farming markets, which is expected to be the major growth area for the Group going forwards in light of the market landscape and in view of competing offerings currently in the marketplace. Light Science Technologies' all-in-one CEA solution includes analysing customers' crop growing requirements to provide bespoke, low-energy products, which subsequently monitor the environment in order to maintain optimal growing conditions through the nine cardinals of plant life (namely air speed, carbon dioxide levels, humidity, light, oxygen, plant disease, soil, temperature and water pH levels) to maximise crop yields and minimise resource usage.
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