Light Science Technologies secures first distribution agreement with South Africa's AgriLogiq
May 13, 2024 at 10:40 am
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Light Science Technologies Holdings PLC (AIM:LST) Simon Deacon joined Proactive's Stephen Gunnion with details of its first distribution agreement for its nurturGROW lights with AgriLogiq Technical Systems. The partnership aims to enhance the South African agricultural sector by leveraging controlled environment agriculture technology, addressing challenges like extreme weather and pests.
Deacon highlighted the increasing difficulty of traditional farming in South Africa and how technology can improve yield in indoor environments. nurturGROW is a line of lighting solutions designed for various crops, offering enhanced yields and returns.
The agreement with AgriLogiq is set for five years, with potential extensions and opportunities for collaboration in other markets. Deacon outlined the company’s strategy to expand its distribution network, focusing initially on significant growth areas in South Africa, where the market is valued at $3.7 billion.
Plans for further expansion include New Zealand, Australia, the Middle East, and the Americas, with the controlled environment agriculture market in these regions representing a significant opportunity, evidenced by a quoted pipeline of over $50 million.
Contact Details
Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
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Copyright (c) 2024 TheNewswire - All rights reserved., source Press Releases
Light Science Technologies Holdings plc is a United Kingdom-based holding company. The Company operates through three divisions: controlled environment agriculture (CEA), contract electronics manufacturing (CEM) and passive fire protection (PFP). It 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. Its CEA division designs and manufactures technology products and control systems for glasshouses, polytunnels, vertical growing, hoophouses and other indoor growing environments. Its CEM division designs, procures and manufactures CEM products, specializing in printed circuit boards (PCBs) which are used in sectors, including audio, lighting, pest control and controlled environment agriculture. Its PFP division relates to the installation of a retrospective cavity barrier in wall and floor constructions.