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Light Science Technologies PLC announced Thursday that it has received additional orders from existing customers and has signed two trials for its new product, sensorGROW.
Shares of the Derbyshire, England-based provider of agricultural lighting and monitoring systems were trading at 7.40p each on Thursday morning, rising 9.6% in London.
Light Science Technologies is also active in the pest control and oil and gas sectors. In addition to existing futures contracts, a further order worth £500,000 has been received from his pest control company Rentokil Initial PLC.
The new order will be executed between November 2022 and he March 2023. The company says its electronics contract manufacturing partnership with Rentokil more than a decade ago continues to predictably grow, driven by strong demand for UK manufacturing amid supply chain disruptions.
sensorGROW will launch in June 2022, and the technology will allow farmers to monitor his CO2 levels, light, soil pH and other key growth factors in real time. the sensorGROW product will provide further access to high-margin markets. Chief Executive Officer Simon Deacon said:
The managed organic farming business has signed two pilot contracts for the recently launched sensorGROW product. The company says these trials could generate £940,000 worth of subscriptions if successful.
The deal demonstrates continued demand for UK manufacturing as customers focus on sustaining supply chains and controlling costs in the medium term.