Australian tech company Enevis (ASX: ENE) has continued an impressive business turnaround which has led to three leading Universities electing to conduct horticulture research using LumiGrow lighting solutions which recently won the Best Lighting Solutions award at the 2019 Canadian Cannabis awards.
Having secured exclusive distribution rights from U.S company LumiGrow, orders were placed with Enevis from Flinders University, University of Tasmania and University of Southern Queensland to install the LED lighting fixtures in their research facilities and greenhouses.
“The fact that our academic and research institutions are using the LumiGrow technology is evidence of its technical excellence,” said Enevis Chairman and MD, Peter Jinks.
“These projects have also validated our business model which offers the clients an integrated approach to the design, installation and ongoing operations and maintenance of the lighting solutions through each of the three discrete business units within Enevis.”
The range of LumiGrow LED products extend beyond traditional lighting fixtures by integrating light sensors, disease recognition sensors, and lighting management software. Through this improved management capability and an increasing trend in horticulture to grow crops under lights, growers are seeing higher yield returns compared to traditional farming.
These orders continue a strong run of momentum for Enevis which had a major financial turnaround in FY19 when reporting sales revenue of $41.9 million, a 51.7% increase on the previous year to deliver NPAT of $20,000, a milestone achievement having reported a $3.01m loss the previous year.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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