Business
Zenith Nurseries Contract and UKRI Grant Update
Zenith Nurseries Contract and UKRI Grant Update.
About this update from Light Science Technologies Holdings Plc
[{"type":"text","content":"\n \n \n \n Light Science Technologies Holdings plc\n \n \n \n (\"LSTH\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n Zenith Nurseries Contract and UKRI Grant Update\n \n \n \n \n \n \n ·\n First Gateway of Zenith Contract now complete\n \n \n ·\n Early commencement of first phase of Gateway 4\n \n \n ·\n Increased value of UKRI Grant\n \n \n \n \n \n Light Science Technologies Holdings plc (AIM: LST), the controlled environment agriculture (\"CEA\") technology and contract electronics manufacturing (\"CEM\") group, provides an update on progress on its\n contract with Zenith Nurseries Ltd (\"Zenith Nurseries\") to develop a cloche lighting and sensor technology system.\n \n \n \n \n \n The Company is pleased to announce that the project's first milestone, Gateway 1 - to develop the cloche lighting system and demonstrate viability - is now complete, resulting in revenue of £51,000 for the Group.\n \n \n \n \n \n \n Reordering of implementation programme\n \n \n \n As further detailed in the Company's Admission Document, the project is broken into four gateways which are specified to prototype, develop, and commercialise the offering. Following the success of Gateway 1, the customer has redefined its near-term priorities in response to ongoing energy and import conditions, and to increase focus on the lighting element of the rolling cloche. This will place further emphasis on growing more indoors, mitigating the impact of unpredictable and extreme weather conditions and climate change, with a view to increasing yields and extending the growing season.\n \n \n \n \n \n Therefore, the project gateways have been re-ordered, bringing the first phase of Gateway 4 forward. This phase\n is now set to proceed before Gateways 2 and 3, and will see the incorporation of the rolling cloche device within new polytunnels. This phase is expected to commence in the first half of 2023\n with potential revenues of c.£1.9 million\n . The Company is also exploring new potential revenue generating additions to the cloche design in order to make the units more self-sufficient in terms of energy usage, using solar power and batteries.\n \n \n \n \n \n The overall time scale and potential contract value of £13.84 million remains unchanged.\n \n \n \n \n \n \n UKRI Grant Update\n \n \n \n The Company wi...