Light Science Technologies secures order from Richel

13th Aug 2024 09:15

(Sharecast News) - Light Science Technologies said on Tuesday that it had received an order from Richel, an agronomic solutions specialist, for its CEA nurturGROW lighting.

Worth £123,000, Light Science said delivery of the order would commence in January 2025, with revenues set to be recognised in the first half of 2025.

Light Science will supply its nurturGROW lighting solution, customised to Richel's specifications, in an aeroponic glasshouse, being built over 0.5 hectares, in Germany. It will be used to grow a variety of leafy greens and was expected to become operational in Q125.

The AIM-listed group highlighted that its Controlled Environment Agriculture division delivered revenues of roughly £500,000 in the eight months to 31 July and has a quoted pipeline of over £40.0m.

Chief executive Simon Deacon said: "This substantial order highlights the increased interest in our CEA solutions as we aim to convert our growing global quoted sales pipeline.

"Global food and water shortages, growing populations, climate change, consumer habits and government policy are all forcing producers to look at the way we grow food. We believe our CEA division is well positioned to take full advantage of the substantial long-term commercial opportunities in this market."

As of 1415 BST, Light Science shares were down 0.91% at 2.63p.

Reporting by Iain Gilbert at Sharecast.com