SAN FRANCISCO, Jan. 19, 2015 /PRNewswire/ -- In July 2014 Heliospectra (OTCQB: HLSPY, FIRSTNORTH: HELIO) announced that it had received an initial order in the US of 20 units corresponding to 200,000 SEK. Now Heliospectra has signed a larger follow-on order from the same customer.
"It is gratifying that we can now see that the customer goes ahead and buys another 100 units which corresponds to a value of about one million SEK. Our assessment is that the 120 units that the customer has now purchased is part of their extensive new build-out. We anticipate further orders from them," said Staffan Hillberg, CEO of Heliospectra.
The client is based in Seattle and has received a number of licenses to cultivate medicinal plants. It is a booming market in North America where 23 states are already approved and additional states are underway. According to Arcview Market Research this market is expected to grow, from 2.34 billion dollars in 2014 to 10.2 billion in 2017.
"This is an important installation where the client will act as reference to other potential customers. This particular customer has managed to reduce their flowering cycle by 1-2 weeks by taking advantage of the LX60 system which allows for changing of the spectrum during the growth cycle. This is a major improvement for growers," said Staffan Hillberg.
Heliospectra has several other potential customers in Colorado, Washington and other states, who have products for testing, ranging from one to twenty units. Each growing cycle takes one to three months and growers often want to see several cycles during their evaluation.
"Overall, the future looks bright. Our existing customers are very positive and we have good dialogues with new potential customers inside and outside of the US market and are therefore actively recruiting more sales staff," said Staffan Hillberg.
Heliospectra AB (publ - listed on NASDAQ OMX First North HELIO ISIN SE0005933082 as well as North American ADR OTCQB: HLSPY Cusip: 423281104)) Founded in 2006 and specializing in intelligent lighting technology for plant research and greenhouse cultivation. Heliospectra products are based on in-depth knowledge in plant physiology and photosynthesis along with a unique way to utilize modern LED technology. After six years of development in Sweden, the company has now begun to expand into the international market. The company has raised more than $ 15 million in venture capital and has received more than $2.6 million through academic scholarships and grants. It has also received numerous awards for its forward thinking technology. Principal owners: Industrial Fund www.industrifonden.se,Midroc www.midroc.se;,Weland Steel www.welandstal.se;Wood & Hill Investment www.woodhillinvestment.com.
SOURCE Heliospectra AB