Light Science Technologies Holdings (LSTH) has floated on the London Stock Exchange, as the group sets out plans to dominate the controlled environment agriculture (CEA) market over the coming years.
The company has raised £5 million 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 increasing 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).
LST was founded in September 2019 and facilitates the company’s CEA operations. Its laboratory facilities in Derby host the design, testing and provision of CEA products and services, most recently showcased through the launch of nurturGROW, its sustainable LED grow lighting range.
Focus on indoor hort market
LST’s focus is on the greenhouse, polytunnel and vertical farm markets, which the group said is expected to be its major growth area going forwards "in light of the sector’s potential and in view of current competing offerings in the marketplace".
LST offers an all-in-one CEA solution that includes 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. 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.
Simon Deacon, chief executive of Light Science Technologies Holdings, said: “We are delighted to be trading on the London Stock Exchange through our AIM IPO, and are very excited to work with our existing and new shareholders in this exciting new chapter for the company.
“This IPO enables us to build on the successes we have achieved over the past few years and capitalise on the large market opportunities presented to us. We look forward to supporting the revolution in modern agriculture, sustainably helping growers grow more for less.”