Light Science Technologies (LST), has announced that it has signed trial contracts for its recently launched sensorGROW. If successful, these trials have the potential to roll into subscriptions and be worth up to £940,000 (USD 1M) in recurring revenues over a three-year period. LST is also in talks regarding a series of other trials.
Light Science Technologies Holdings plc (LSTH), the holding company of the Group’s CEA division, Light Science Technologies (LON:LST), has also reported increased demand in the Agtech specialist’s paid-for trials with the potential to generate contracts worth £3m.
LST has already established a strong footprint within the CEA market and its latest product, sensorGROW, offers technology, data collection, advisory, and maintenance services for clients, on a three-year contracted basis.
Launched in June 2022, sensorGROW is an all-in-one growing intelligence tool aimed at giving indoor farming operators better environmental control, with benefits including reductions in water usage, nutrients, fertilisers, and energy while increasing yields, producing healthier crops, and reducing waste. It also saves money by allowing growers to spot trends with big data via interactive dashboards.
Simon Deacon, CEO, and founder of Light Science Technologies said: “I am pleased to see confirmation of several sensorGROW trial contracts and expect more to be forthcoming. This demonstrates how growers see the importance of combining intelligence and increasing productivity to maximize yields within their indoor growing environments in a time when energy efficiency is crucial.”
Valued at US$1.5 billion in 2022, the European indoor farming sensor market is expected to reach US$2.3 billion by 2028, growing at a 7.6% CAGR over the forecast period.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
Image provided by Light Science Technology