– UK, Ashbourne – Light Science Technologies Holdings plc (LON: LST) announced the appointment of Dr. Graham Cooley (Ph.D.) to its Board as Non-Executive Chairman, alongside Richard Mills as Independent Non-Executive Director.
Myles Halley and Robert Naylor have both stepped down from their respective roles as Non-Executive Chairman and Non-Executive Director. All changes are effective immediately.
About Dr. Graham Cooley
Dr. Graham Cooley has over 35 years of experience at the forefront of new technology introduction in the power, energy storage, and hydrogen sectors. He was previously Business Development Manager at National Power plc, the UK’s largest power generator, and CEO of ITM Power plc, the first hydrogen-related company quoted on the AIM Market of the London Stock Exchange, a founding member of the UK Government’s Hydrogen Advisory Council and a Board Member of RenewableUK.
Dr. Cooley is a proven deal maker with particular expertise in product and market strategy and has raised over £600m for British Cleantech SMEs. He has also been an active investor in AIM-quoted UK cleantech companies for over a decade. He gained his PhD in Materials Physics from Brunel University and has several fellowship appointments.
Dr Graham Cooley said: “I’m a huge believer in the Light Science vision and am delighted to be joining the team. I believe that the cost, carbon footprint and security of supply of food will be core global issues in coming years. Light Science has developed the right products at the right time and is well positioned to take significant share of this huge market. I am also very impressed by the recent steps that management have taken to prioritise cash generation to set a strong foundation for the future.”
Dr. Cooley is currently a Non-Executive Director of Cadent Gas, the UK’s largest gas distribution company, and is Patron of CleanupUK.
About Richard Mills
Richard Mills, a chartered management accountant, is the Managing Director of Haygrove Limited’s Growing Systems Division, where he leads its polytunnel and growing systems business managing over 200 staff. His global CEA experience includes expanding Haygrove into new markets, from conceptualization, through planning and implementation, rolling new businesses out in China, Germany, and India – achieving substantial improvements in revenue growth and profitability.
Richard was a Senior Internal Auditor for a Top 20 accountancy practice and an External Auditor at Ernst & Young.
In the September 2023 to February 2024 period that Mr. Mills worked in a consulting capacity for LSTH, he was responsible for significant growth in the pipeline of international CEA opportunities; with distribution partnerships in two new territories expected during the first half of this calendar year and strong progress made in developing relationships in two further significant territories. Mr. Mills lends significant expertise to the Board and Company, which will be of particular benefit in CEA and technologies markets, strategic and market positioning, and as a Chairman of the Audit and Remuneration Committees.
Richard Mills said: “The Light Science proposition is clear and strong. There are several factors that, in the coming years, will force us to change the way we look at food production. Many parts of the earth are now facing food and water shortages, with increasingly more regions at near-term risk. Governments are now looking towards policies to encourage sustainable and efficient growing methods. Socially, scrutiny of the effect of food production on climate change has never been higher, and there is growing consensus on the need to transition away from reliance on processed foods.”
The Group’s Future Growth Strategy
The strategic acquisition of Tomtech in September 2023, bringing 35 years of CEA-related experience, has introduced new revenue streams and cross-selling capabilities. The CEA division targets a global market forecast to be nearly £30 billion by 2030*. Notably, the CEA division has already seen positive outcomes from the consulting work that Mr Mills undertook in recent months, focused on developing global partnerships.
The Group’s CEM division marked its best year to date reflecting the prevailing market trend in the UK, shifting away from Far East manufacturing to a growing demand for local production. Targeting a £2.3 billion** market, the division invested further in equipment, facilitating more automated production lines for handling larger volume projects. Consequently, this strategic move led to increased sales and profit margins.
To support growth and investment opportunities and strengthen its balance sheet, the Group established the passive fire protection division in November 2023, focusing on creating a near-term revenue and cash-generative business, targeting a growing market potentially worth £50 billion*** in the UK. As previously highlighted, this division is currently fulfilling an order worth approximately £600,000 and has a strong pipeline of quoted work, currently valued at £7 million. Moving forward, the Group will explore technological advances in this sector, along with the potential integration of sensor technology across divisions.
Looking ahead, the Group’s growth strategy is well-focused. The Group will prioritize the strategic opportunity within the CEA division, capitalizing on the growing importance of food security and global cultivation challenges. Simultaneously, the CEM division will drive margin improvement, while the PFP division aims to provide near-term cash generation. This balanced approach is expected to position the Company well for future growth.
About Light Science Technologies Holdings plc
Light Science Technologies Holdings plc operates through three divisions: controlled environment agriculture; contract electronics manufacturing; and passive fire protection. 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 and Tomtech (UK) Limited in the CEA division; UK Circuits and Electronics Solutions Limited in the CEM division; and LSTH IFB Limited in the PFP division.
For more information: https://lightsciencetechnologiesholdings.com/
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