Light Science Technologies Holdings PLC (AIM:LST) has announced an exclusive distribution agreement with AgriLogiq Technical Systems aimed at marketing and selling its nurturGROW lights in South Africa.
The deal, set for an initial five-year term, is pivotal to LSTH's strategy for entering high-growth markets at low cost and risk.
South Africa, facing water shortages and poor soil conditions, is increasingly turning to innovative agricultural solutions such as vertical farming, which, in the Middle East and Africa, is projected to surge from US$1.15 billion in 2024 to US$3.71 billion by 2029.
This partnership marks a significant step in LSTH's global strategy, leveraging existing industry connections to target markets actively seeking controlled environment agriculture (CEA) solutions.
Chief executive Simon Deacon said: "We are delighted with this partnership, which is the first of many we look to implement globally. We believe there will continue to be a compelling backdrop for our solutions and look forward to targeting high-growth regions, especially where growers have been less impacted by high input costs and where demand is synergistic with our product base."