Light Science Technologies secures first distribution agreement with South Africa's AgriLogiq
May 13, 2024 at 03:40 pm
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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 holding company of controlled environment agriculture (CEA) division, Light Science Technologies Ltd (Light Science Technologies), and its contract electronics manufacturing (CEM) division, UK Circuits and Electronics Solutions Limited (UK Circuits). The Company is engaged in the development and manufacturing of electronic boards and the development and manufacturing of lighting and technology products for the Controlled Environment Agriculture (CEA) sector. It operates in two segments: Contract electronics manufacture and Controlled environment agriculture. The contract electronics manufacture segment is engaged in the development and manufacturing of electronic boards. The controlled environment agriculture segment is engaged in the development and manufacturing of lighting and technology products for the CEA sector. It also designs, manufactures, and installs monitoring and control systems for commercial greenhouses and polytunnels.