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.
