REG - Light Science Tech. - Passive Fire Protection Division Update

Light Science Technologies HoldingsAnnouncement

09/09/2024 07:00

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RNS Number : 3174D  Light Science Tech. Holdings PLC  09 September 2024

 

Light Science Technologies Holdings plc

("LSTH", "Light Science", the "Company" or the "Group")

 

Passive Fire Protection Division Update

 

Recent contract wins

 

PFP division quoted pipeline now in excess of £7m

 

Light Science Technologies Holdings plc (AIM: LST), comprising three
divisions: Controlled Environment Agriculture ("CEA"); Contract Electronics
Manufacturing ("CEM"); and Passive Fire Protection ("PFP"), announces two new
contracts in its PFP division with construction companies in London and
Liverpool, together worth c. £145,000.

 

The Liverpool based contract is for a research facility and is valued at c.
£120,000, with revenues expected to be fully recognised within this financial
year. As with other clients within the PFP division, there is scope to
generate additional revenues from this customer's portfolio of sites
throughout the UK.

 

The Company has also recently completed another PFP project at an office block
in the Strand, London, worth c. £25,000. The division is currently working on
projects in Nottingham, Manchester and Liverpool, and the PFP division has a
current quoted pipeline worth in excess of £7 million.

 

The PFP division is focussed on strengthening relationships with its
customers, who typically are responsible for portfolios of properties
requiring remedial work in respect of fire safety. With the recently expanded
capacity, the Company also continues to target new projects with new clients
across the UK.

 

Furthermore, demand for remedial passive fire protection solutions is being
driven by the Fire Safety Act 2021 and Building Safety Act 2022. Given the
ongoing UK Government focus on developers, building owners, housing
associations etc., undertaking remediation works continues to underpin the
market, with over 5,000 high risk buildings nationwide over 18 metres high and
a further 35,000 buildings between 11 and 18 metres* requiring urgent
attention.

 

Simon Deacon, CEO of LSTH, commented: "We continue to see strong demand within
the PFP division. Our cost effective and non-invasive retrospective
installation of cavity fire barriers will help meet Government targets in
bringing buildings up to the required fire safety standards, giving building
owners and their occupants peace of mind. Recent installations into office
blocks, student accommodation and now the research facility in Liverpool have
ranged significantly in sizes (between 6 and 18 metres plus in height),
highlighting the flexibility of our solutions as we focus on tackling the
significant need to ensure fire security measures are met.

 

"With 1,300 buildings in London alone needing priority remedial fire safety
work**, we have an excellent opportunity to establish ourselves, and
Injectaclad, as the preferred answer.

 

"As with everyone in this industry, the Company followed the findings of the
Grenfell Report closely and would embrace any proposed regulatory changes. We
look forward to the Government's response in due course and will fully support
any legislation that is implemented."

 

* Estimators price cladding replacement at 10 times government budget
(theconstructionindex.co.uk)
(https://www.theconstructionindex.co.uk/news/view/estimators-price-cladding-replacement-at-10-times-government-budget)

**London Fire Brigade calls for refit of all high-rise buildings - BBC News
(https://www.bbc.co.uk/news/articles/clywp1l7wepo#:~:text=London%20Fire%20Brigade%20is%20calling%20for%20all%20high-rise%20buildings%20to)

 

For additional information please contact:

 

 Light Science Technologies Holdings plc                    www.lightsciencetechnologiesholdings.com

                                                          (http://www.lightsciencetechnologiesholdings.com/)

 Simon Deacon, Chief Executive Officer                      via Walbrook PR

 Jim Snooks, Chief Financial Officer

 Andrew Hempsall, Chief Operating Officer

 Strand Hanson Limited (Nominated & Financial Adviser)      Tel: +44 (0) 20 7409 3494

 Ritchie Balmer / James Harris / Rob Patrick

 Oberon Capital (Broker)                                    Tel: +44 (0) 203 179 5300

 Mike Seabrook / Nick Lovering

 Walbrook PR Ltd (Media & Investor Relations)               Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com (mailto:lst@walbrookpr.com)
 Nick Rome / Joe Walker

 

Notes to Editors:

 

About Light Science Technologies Holdings
plc (www.lightsciencetechnologiesholdings.com
(http://www.lightsciencetechnologiesholdings.com/) )

Light Science Technologies Holdings plc operates through three divisions:
controlled environment agriculture ("CEA"); contract electronics manufacturing
("CEM"); and passive fire protection ("PFP"). The company is involved in the
design, manufacturing, and installation of products and customized solutions
spanning various industry sectors, including commercial horticulture, pest
control, lighting, audio, gas detection, and fire protection. With a focus on
addressing global challenges related to food security, climate change, and
fire protection, the Group is committed to developing robust solutions in
these rapidly growing market sectors.

 

LSTH is the holding company for Light Science Technologies Ltd ("Light Science
Technologies") and Tomtech (UK) Limited ("Tomtech") in the CEA division; UK
Circuits and Electronics Solutions Limited ("UK Circuits") in the CEM
division; and LSTH IFB Limited ("LSTH IFB") in the PFP division.

 

Controlled Environment Agriculture

The Group's tailored solutions encompass control systems, grow lights, sensor
technology, venting, and irrigation systems, catering to both UK and global
customers. Key markets include indoor, vertical, glasshouses, polytunnels, and
medicinal farming. Driving factors comprise global food and water shortages, a
growing population, government policies promoting sustainable growth methods,
heightened scrutiny of food production's impact on climate change, and a shift
away from processed foods. Key markets span the Americas, Australasia, and
select locations in the Middle East.

 

The sensorGROW technology enables real-time monitoring of essential air zone
growing factors such as carbon dioxide, air humidity, air pressure, air
temperature, and light. In development, it aims to extend monitoring to soil
temperature, soil moisture, and soil electroconductivity. This empowers
farmers to enhance resource management, saving costs on water, nutrients,
fertilizers, and energy, while simultaneously increasing yields and
cultivating healthier crops. Learn more here
https://lightsciencetech.com/sensorgrow/
(https://lightsciencetech.com/sensorgrow/) . The nurturGROW sustainable grow
lighting product range, applicable to greenhouses, vertical farming,
polytunnels, and medicinal plants, addresses a robust market with an
anticipated global worth exceeding US$6.5 billion by 2026. Explore solutions
here https://lightsciencetech.com/solutions/greenhouse/
(https://lightsciencetech.com/solutions/greenhouse/)

 

Through Tomtech, the Group stands out as a UK leader in control systems for
commercial greenhouses and polytunnels. Tomtech enables growers in optimizing
and automating cultivation environments, leading to superior crop growth. The
product range includes control systems, software, irrigation, lighting,
sensors, and venting, applicable across various crops, ultimately improving
yields and profitability. Discover more here https://www.tomtech.co.uk/
(https://www.tomtech.co.uk/)

 

Contract Electronics Manufacturing (https://www.ukcircuits.co.uk/
(https://www.ukcircuits.co.uk/) )

 

UK Circuits serves as the Group's profitable and revenue-strong CEM-focused
division. It excels in designing, procuring, and manufacturing high-quality
CEM products, with a specialization in Printed Circuit Boards. These products
find application across diverse sectors such as audio, automotive,
electronics, gas detection, lighting, pest control, telecommunications, and,
more recently, in the CEA market.

 

Passive Fire Protection (https://injectafirebarrier.com/
(https://injectafirebarrier.com/) )

 

LSTH IFB offers a practical and cost-effective solution to rectify
non-compliant public and private buildings, spanning residential, commercial,
and industrial sectors, with regard to fire safety regulations-a challenge
addressed by a £5.1 billion allocation from the UK government. Serving as the
UK's premier independent approved installer, LSTH IFB utilizes the
ground-breaking Injectaclad fire-resistant graphite barrier system. This
system is retroactively installed within building cavities, reinstating
fire-resistant performance and containing the spread of fire and smoke
compliant with regulatory requirements. This innovative solution stands out as
an appealing alternative to the more costly and disruptive method of removing
external facades and installing traditional fire barriers. With a proven track
record in the passive fire protection market and a robust sales pipeline, LSTH
IFB targets a UK market potentially valued at up to £50 billion*.

 

* Estimators price cladding replacement at 10 times government budget
(theconstructionindex.co.uk)
(https://www.theconstructionindex.co.uk/news/view/estimators-price-cladding-replacement-at-10-times-government-budget)

 

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