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Photonstar announces new product launch and nets £0.45m through placing
Photonstar LED Group announced on Wednesday that it has raised £0.45m through a share placing ahead of the proposed release of its next generation wireless monitoring v2 halcyon cloudBMS.
According to the smart LED lighting solutions firm, the new product, when combined with brand new monitoring software halcyonPRO2, will deliver a scalable, secure and effective building management system.
James McKenzie, chief executive of PhotonStar, 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."
Photonstar said that Halcyon V2 and HalcyonPRO2 will use powerful analytics tools to alert customers of asset performance changes or faults through email and SMS messages.
The applications of the products include the 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 duo will be available via a monthly subscription model.
"The success of both the trials for Halcyon V2 and the control platform, halcyonPRO2 represent a key development for PhotonStar and highlight the group's future growth prospects. I look forward to providing shareholders with further updates in due course," McKenzie said.
Meanwhile, the placement of shares to raise £0.45m will provide additional working capital and strengthen the company's balance sheet ahead of the proposed rollout.
The placing saw the issue of 150,000,000 new Ordinary at the Placing Price of 0.3p to new and existing investors.
As of 1613 BST, Photonstar LED Group's shares were down 20.79% at 0.40p.