TUE, NOV 21, 2023 17:40 CET Heliospectra AB (publ) (First North Growth Market: HELIO), a leader in intelligent LED lighting technology and light control systems for greenhouses and controlled growth environments, today announced a short-term loan agreement totaling SEK 10 million from its three largest shareholders, Weland Stål AB, Agartha AB, and Corespring New Technology AB. This new capital injection, provided to Heliospectra immediately, ensures liquidity to meet the company’s short-term working capital needs and will help to drive future growth.

The bridge loan enables the company to pre-pay components for production orders and aims to ensure liquidity while waiting for realized sales. The capital will also allow the company to expedite the commercial plan for 2024 and drive growth in strategic markets.  

Heliospectra is in an exciting phase of transformation. In addition to a comprehensive cost-saving program that has significantly reduced the company's operating expenses, the company has launched several new products in the market in 2022 and 2023, targeting the diverse needs of growers. This includes the new MITRA X, MITRA X FLEX, and upcoming CERES platform, and most recently, the company announced the new helioCORE 2.0, featuring an improved DLI algorithm that takes into consideration real-time weather forecasts, energy prices, and real-time weather data, with a new user-friendly interface, and new advanced monitoring features for growers.

The new helioCORE 2.0 release marks a significant step towards energy optimization and autonomous growing in greenhouses, enabling growers to add up to 35% extra on their energy savings, in addition to the savings achieved by transitioning from traditional HPS lighting to LED lighting, resulting in a significant reduction of operating costs.  

"We have taken significant strategic steps over the past two years to become a reliable lighting partner for commercial and Agtech growers. As a result, we have a lean and agile organization and a reliable, smart lighting solution in place. However, this has required extensive investments, and we have used up our working capital faster than anticipated. This additional injection of capital will help us manage until we have realized the sales pipeline and enable us to expedite our commercial launch in strategic markets, open our Dutch office, and allow us to secure strategic customer projects. We are therefore grateful to have strong shareholders who believe in the company's vision and the people within and are willing to invest," says Bonny Heeren, CEO and acting CFO of Heliospectra AB (publ).

Disbursement from the lenders will occur immediately. The bridge loan carries an annual interest rate of twelve percent and is due for repayment on June 15, 2024.

The lenders, who are Heliospectra's three largest shareholders – Weland Stål AB, Agartha AB, and Corespring New Technology AB – have entered into separate loan agreements with the company for the following amounts:

Lender: Loan Amount  (SEK)
Weland Stål AB 6 032 953
Agartha AB   2 281 369
Corespring New Technology AB 1 683 984

"Heliospectra is embarking on an exciting path of transformation, driven by a new CEO and a strategic vision that holds great promise. As Chairman of the Board and representative of one of the main owners, I am thrilled to see the company's progress and we are confident that this bridge loan will be a pivotal step towards realizing our shared vision for the future," says Andreas Gunnarsson, Chairman of the Board of Heliospectra AB (publ) and representative of Corespring New Technology AB.

"Heliospectra's dedication to innovative, high-quality technology and sustainable solutions resonates deeply with our own values at Weland Stål. By providing this bridge loan, we stand alongside Heliospectra as they navigate their journey of growth and transformation in the world of intelligent lighting technology. We are proud to support a fellow Swedish company in achieving its goals and contributing to a brighter, more sustainable future," says Staffan Gunnarson, CEO at Weland Stål AB