Proactive Investors - Run By Investors For Investors

PhotonStar LED releases next generation of control platform as it completes share placing

The lighting and building control designer said the latest version, Halcyon V2, is characterised by its low cost, retrofit-able wireless monitoring and control platform
Wireless monitoring
Halcyon V2 allows notifications of changes or faults to be shared via email and SMS

PhotonStar LED Group PLC (LON:PSL) has released a new version of its halcyon cloudBMS product as it announced a proposed placing to raise additional working capital.

The AIM-listed lighting and building control designer said in a statement that the latest version of halcyon cloudBMS, Halcyon V2, is characterised by its low cost, retrofit-able wireless monitoring and control platform, halcyonPRO2.

READ: PhotonStar LED raises £430,000 via share placing for roll-out of smart building lights

The new release included an updated software version for the halcyonPRO2, which includes monitoring of emergency lighting systems, energy clamps, leak detectors, water monitors and critical asset-monitoring devices, augmenting the regulation of heating and cooling, shading and lighting control of previous versions of the software.

The firm added that Halcyon V2 and the latest software release for halcyonPRO2 would combine to deliver a building management system as a service, via a monthly subscription model that enables building estate owners and managers to reduce energy and operating costs and experience greater transparency across their operations.

One of the key features of Halcyon V2 is its data analytics-ruled engine that allows notifications of performance changes or faults to be shared via email and SMS, as well as remote compliance reporting and energy monitoring.

The company is also aiming to offer Halcyon V2 to the restaurant and hospitality industry to solve issues regarding the monitoring and maintenance of walk-in freezers, air extraction systems, cooling and hot water systems and other critical assets.

PhotonStar added that the platform also provides a full cloud-based environment for the monitoring of buildings including leaks, room occupancy, temperature, CO2, humidity and noise.

Share placing through accelerated bookbuild

In addition to the new software, the group also said in a separate statement that it had raised £450,000 through a share placing to strengthen its balance sheet and generate working capital ahead of the rollout of Halcyon V2.

This follows a previous placing in February when the company raised £430,000 to fund the rollout of its cloud-based lighting solution for buildings.

Dr James McKenzie, PhotonStar chief executive, said: "We expect that the completion of the testing of Halcyon V2 will allow the Group to progress beyond the various single site trials that we currently have in place and roll-out its products across multiple sites, as a solution to customers' operational cost problems.

He added: “The cloud-based compliance reporting, IoT data analytics and fault notifications will mean that, once the system is installed, site visits should be reduced to essential maintenance work. We believe this will offer compelling cost savings for building owners, primarily by reducing the number of site visits by up to 90% in commercial buildings.”

--Adds outcome of share placing--

View full BOU profile View Profile

Bould Opportunities PLC Timeline

Related Articles

May 15 2019
The multi-faceted energy company builds low-emission, clean-energy microturbine technology for consumer and commercial use globally
Light fittings
August 23 2018
The group's traditional LED business is operating in a fiercely competitive environment. The group is pinning its hopes on becoming a software and services business
March 19 2019
ITM Power’s first-half results in January showed the hydrogen energy solutions provider has significantly strengthened its capability to deliver larger industrial scale projects

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use