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Light Science Tech Holdings PLC on Thursday said it has seen increased demand for its controlled environment agriculture products, highlighted by its recent paid-for customer trials.
Light Science is a Derbyshire, England-based agricultural lighting and monitoring systems provider.
The company listed on London's AIM market at a price of 10 pence per share in October last year. Shares are currently 43% behind the initial public offering price, trading 3.0% higher at 6.44p each in London on Thursday midday.
Light Science expects orders worth around £3 million if its paid-for customer trials materialise.
The company said that a UK manufacturer of preserves, marmalades and associated products has started a 400 square metre six-month lighting trial using the nurturGROW slim lighting product. If the trial is successful and the customer proceeds to rollout based on their specified requirement of one acre of lighting, Light Science expects the project to be worth the quoted value of £950,000.
It added that a nurturGROW lighting trial has also commenced at a vertical farm research & development facility. If the six-month lighting trial is successful and the customer proceeds to rollout the specified vertical farm requirement, the potential project could be worth £2.0 million, Light Science added.
Finally, the company said it has quoted another company £46,000 for a second trial, following completion of phase 1 of laboratory services of a seed germination trial to analyse the growth rate of a specific plant. The second trial is for country specific growing conditions.
To date, the sales pipeline of quoted work across both its divisions, controlled environment agriculture and contract electronics manufacturing, is over £61 million, of which forward orders and contracts are worth £19.6 million, Light Science explained.
Chief Executive Officer & Co-Founder Simon Deacon said: ‘More of our clients are deciding to grow indoors as the weather becomes more extreme and unpredictable. Our nurturGROW lighting and sensorGROW products helps growers to reduce waste, be more energy efficient, proactive and save them money in the long-term. As a result, we continue to build our quoted pipeline and our forward order book remains strong.’
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