Light Science Technologies Holdings (LSTH) has today announced its flotation on the London Stock Exchange, as the Group sets out its ambitious growth plans to dominate the controlled environment agriculture (CEA) market over the next few years.
Trading on AIM under the ticker LST, Light Science Technologies successfully raised gross proceeds of £5 million and the company’s market capitalisation on admission was £17.4 million.
The company aims to strengthen its position in the indoor agritech sensor and lighting industry, while increasing the manufacturing capacity of its contract electronics manufacturing (CEM) division. The grow lights market alone has a global estimated market value of £20.5 billion and is growing at 21 per cent.
LSTH, incorporated in January 2020, is the holding company of the Group’s CEA division, Light Science Technologies (LST), and its CEM division, UK Circuits and Electronics Solutions Limited (UK Circuits).
Now employing 16 staff, LST was founded in September 2019 and facilitates the company’s CEA operations. Its state-of-the-art laboratory facilities in Derby enable the design, testing and provision of innovative CEA products and services, most recently showcased through the launch of nurturGROW, its award-winning sustainable LED grow lighting range.
Offering integrated, cost-saving and sustainable CEA solutions to crop growers, LST’s focus is on the greenhouse, polytunnel and vertical farm markets, which is expected to be the major growth area for the Group going forwards in light of the sector’s potential and in view of current competing offerings in the marketplace. LST’s all-in-one CEA solution will include analysing growers’ crop requirements to provide bespoke, low-energy products, which monitor the environment to maintain optimal growing conditions in order to maximise crop yields and minimise resource usage.
The CEM-focused division of the Group, UK Circuits, was founded in 1997 and has 61 employees. From its manufacturing facilities in Manchester, it designs, manufactures and tests printed circuit boards, which are used in a broad range of sectors including pest control, electronics and agriculture. In 2020, the company generated £6.9 million of revenue.
Simon Deacon, CEO of Light Science Technologies Holdings plc, commented: “We are delighted to be joining AIM, and welcome the support shown by our investors in this tremendous milestone for the company. We look forward to delivering shareholder value as we take advantage of the substantial CEA pipeline and bolster the capacity of our CEM division, while supporting the revolution in modern agriculture, sustainably helping growers grow more for less.”