Light Science Technologies (LST), has announced that it has signed trial contracts for its recently launched sensorGROW. If successful, these trials have the potential to roll into subscriptions and be worth up to £940,000 in recurring revenues over a three-year period. LST is also in talks regarding a series of other trials.
LST has already established a strong footprint within the CEA market and its latest product, sensorGROW, offers technology, data collection, advisory and maintenance services for clients, on a three-year contracted basis.
Launched in June 2022, sensorGROW is an all-in-one growing intelligence tool aimed at giving indoor farmers better environmental control, with benefits including reductions in water usage, nutrients, fertilisers and energy while increasing yields, producing healthier crops and reducing waste. It also saves money by allowing growers to spot trends with big data via interactive dashboards.
Simon Deacon, CEO and founder of Light Science Technologies, said: "I am pleased to see confirmation of several sensorGROW trial contracts and expect more to be forthcoming. This demonstrates how growers see the importance of combining intelligence and increasing productivity to maximise yields within their indoor growing environments in a time when energy efficiency is crucial."
Valued at US$1.5 billion in 2022, the European indoor farming sensor market is expected to reach US$2.3 billion by 2028, growing at a 7.6% CAGR over the forecast period.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
About Light Science Technologies Ltd
Light Science Technologies Ltd delivers lighting, science and research-proven plant monitoring technology and software in partnership with world-leading university research teams. We work across multiple indoor applications including vertical farming, greenhouses and polytunnels across different plant species, delivering the right solution no matter what environment. Our integrated technology solution for Controlled Environment Agriculture (CEA) applications for next-generation scalable farming helps customers grow more with less. For further information, visit: www.lightsciencetech.com.
About Light Science Technologies Holdings plc
Light Science Technologies Holdings Plc brings together market-leading controlled environment agriculture technology (Light Science Technologies Ltd) and quality led UK based electronic manufacturing (UK Circuits and Electronics Solutions Ltd) to help our customers grow more with less. We specialise in creating and manufacturing bespoke solutions for global clients across agriculture, electronics, audio, automotive, AI technology and pest control industries.