CEO Ali Ahmadian at Red Eye Growth Day

June 2nd 2020 – Listen HERE

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From Annual Report 2019: Stronger market position follows transition year

2019 was a year of transitions as we rebuilt our product portfolio for Heliospectra. The strategic decision in mid-2018 to revamp our product portfolio created some challenges. But with the hard work of our team, we came out of 2019 in a stronger market leadership position and with good momentum in our business. Heliospectra remains dedicated to our front-line mission of helping growers and their businesses feed the world and heal the world in a sustainable way with locally grown products, superior yields and highest quality crops.

In 2018, our main lighting product for the greenhouse and indoor growing market was ELIXIA, which was originally developed in 2014. ELIXIA has a variable spectrum, which is a great feature for many crops and applications, but not necessarily for light-hungry crops like tomatoes, cucumbers and cannabis, where quantity (or intensity) of light is as important as its quality (or spectrum). We could continue to push ELIXIA for light-hungry crops too but would put Heliospectra at reputational risk and undermine our long-term market position as light and plant experts.

MITRA is a market stand out Committed to providing our customers and growers with advanced lighting technologies and innovative performance, we anticipated the need to update our ELIXIA series to the new MITRA platform, aware of the risk to our order intake and sales in the short term. Our aim was to optimize capital expenditures for new customer installations while delivering a powerful new light that helped our growers achieve reliable production results. The 2019 introduction of MITRA was met with immediate customer interest and orders. MITRA’s highest controllable light output in the LED market, an efficacy of up to 2.8 mol/J, and modular form factor with multiple spectra differentiates Heliospectra in a crowded market.

In September, Heliospectra won the Lighting Systems award at the Grow Up cultivation conference in Ontario, Canada. The award recognizes the best LED lighting product in the market, as voted by the cannabis industry. The award and our participation in other horticulture trade shows and photobiology speaking panels gar-nered high interest and orders from customers that immediately recognized that MITRA, together with our helioCORE light control system, elevated Heliospectra above the competition.

Stronger local presence in North America
While we developed the new product platform, we also reorganized our internal team to focus more on sales and growth. These efforts included my own temporary move to Canada to establish the Heliospectra Canada Office and the creation of a more focused organization across our key markets in North America. These initiatives give Heliospectra a stronger local presence in a very dynamic market and enable us to develop strong strategic partner-ships with global players across the industry.
The strongest current driver of the North American grow light market has been cannabis. The sales revenues of the certified recreational growers in Canada have so far fallen short of initial expectations. There are many reasons for this, including a sluggish rollout of physical retail stores, lack of production experience and challenging technology choice. However, we believe that the recreational and medical growers will mature in their operations and turn their focus even more to quality which can be achieved by right technology choice and obtaining expertise. This will benefit us as we are advantaged with integrating control and automation into the production process and support our growers with our technical services through our helioCARE service platform.


Ali Ahmadian

Produce dominates the long-term
While medical cannabis continues as an important driver for the grow lighting market today, food will dominate as the longer-term opportunity. As populations and cities grow and the need to address climate change becomes ever more urgent, our long-term commitment to supporting commercial food growers and future food supply with local and global market pres-ence is vital. Microgreens, herbs and salads, grown in urban vertical farms and greenhouses will become more common. Heliospectra solutions and our technical helioCARE expertise enable food growers to apply and control light for more efficient production cycles. Our customers consistently deliver locally grown, nutritional produce to market faster while reducing carbon footprint and plant waste.
In the end, the opportunity to scale sales and markets for both food supply and medicinal plants depends on creating clear economic benefits for the grower that demonstrate our ability to boost yields, nutritional or medicinal values, flavour and shelf life. With worldclass solutions, our holistic systems approach and our cultivation expertise, Heliospectra is well positioned to be the right partner and the right technology for both the short and long term.

With that, I would like to thank the entire Heliospectra team for their hard work and the passion for our customers that you have shown throughout the year. I would also like to thank our shareholders for supporting us in our decision to prioritize our long-term market position and leadership. I look forward to a bright future for Heliospectra.


Ali Ahmadian, President & CEO


Management Team

Bonny Heeren is an accomplished executive with a wide network and deep connection to the global horticulture and greenhouse industry. He has held multiple leadership positions within Group Saint-Gobain, most recently as Managing Director for the BU Horticulture division. Previously, he was CFO for different activities of Saint-Gobain in the Benelux including GLASS, ISOVER and ADFORS. Bonny graduated with a Master of Science and Business Economics at the Erasmus University in Rotterdam and completed the General Management Program at Harvard University in Boston. He is currently an investor in Agtech start-ups and on the Board of Advice at Corvus Drones. Bonny joined the Board of Heliospectra in 2021 and took the position as Interim CEO in January 2022. He is independent in relation to the company and management as well as in relation to the company’s major shareholders. Holding: 0 shares
Bonny Hereen
CEO and Board Member
Annika joined Heliospectra in May 2022, and has over 20 years of experience leading companies and projects in development and transition work in several sectors, including within industry, retail, research, and transportation. Since 2015, Annika has run her own company Redbox AB, where she works with business development and management. Annika has a Master of Business Administration from the University of Gothenburg, where she graduated in 1991. Holdings: 0
Annika Westlund
CFO
Rebecca joined Heliospectra in 2014, and is responsible for the company’s commercial sector including sales, strategic marketing, the helioCARE service offering and investor relations. She has a background with a focus on brand building and communication in the white goods industry and LED lighting for indoor settings. Rebecca has a Master of Science in Marketing and Consumption from the Gothenburg School of Business, Economics and Law. Holding: 0 shares
Rebecca Nordin
Chief Commercial Officer (CCO)
Nathalie joined Heliospectra in 2014. Since then, she has worked as an International Logistics Coordinator and Supply Chain Manager, developing a deep understanding of the industry, as well as extensive knowledge of Supply Chain Management, Purchasing and negotiations. She graduated Linnaeus University with a Bachelor in International Business in 2014. Holding: 0
Nathalie Svedberg
Chief Supply Chain Officer
Johan Rubensson joined Heliospectra in 2021 and has 15 years of experience working as an engineer. Before joining Heliospectra he worked as a consultant at Consat where he worked as a system designer and project manager for companies such as Volvo, SKF, SCA and ESAB among others. Johan also has his own company Rubenson Industri AB. Johan graduated with a Master’s degree in Embedded Systems from Chalmers university of Technology in 2012. Holding: 0
Johan Rubensson
CTO

The Board

Ljubo Mrnjavac is adept at driving commercialization and expansions having led and developed large international businesses for 35 years. He is currently Head of Investments at Adma Förvaltnings AB, Heliospectra’s second-largest investor. Previously, he was Co-founder & CEO for Rosengård Invest AB, CEO of Fast Food Concepts by Tulip, and CEO & Founder of Pølsemannen. His past board assignments include Invest in Skåne AB, Swedbank AB Malmö, Ikaros Cleantech AB, and MobilGiganten AB. Ljubo holds an Executive MBA from the School of Economics and Management at the University of Lund and has studied Marketing and Economy at IHM Business School. Independent in relation to the company and management but not in relation to the company’s major shareholders.
Born:
1963
Elected:
2021
Holding:
146 984 shares
Ljubo Mrnjavac
Board Member
Anders Ludvigson has significant industry experience as co-owner and vice president of Ludvig Svensson AB, the world’s largest manufacturer of curtains for the green house industry. He has previously held the position as CEO for their operations in the Netherlands. Anders holds a MSc in production management and investment analysis from the Institute of Technology at Linköping University. Independent in relation to the company and management as well as in relation to the company’s major shareholders. Independent of the company and the company management as defined by the Swedish Code of Corporate Governance - Yes. Independent of major shareholders in the company as defined by the Swedish Code of Corporate Governance - Yes.
Born:
1970
Elected:
2007
Holding:
0 shares
Anders Ludvigson
Boardmember
Andreas Gunnarsson has extensive experience in starting up and operating growth companies in the technology sector. He is also chairman of the board in Air to Air Sweden AB, board member in WRAP International AB, Lamera AB, SolarWave AB, Crossborder Technologies AB, and alternate at Jensen Devices AB, PromorePharma AB, Minesto AB, Powercell Sweden AB, and Pergamum AB. Andreas has studied at Jönköping International Business School. Independent in relation to the company and management but not in relation to the company’s major shareholders.
Born:
1974
Elected:
2011
Holding:
36 748 shares
Andreas Gunnarsson
Chairman
Bonny Heeren is an accomplished executive with a wide network and deep connection to the global horticulture and greenhouse industry. He has held multiple leadership positions within Group Saint-Gobain, most recently as Managing Director for the BU Horticulture division. Previously, he was CFO for different activities of Saint-Gobain in the Benelux including GLASS, ISOVER and ADFORS. Bonny graduated with a Master of Science and Business Economics at the Erasmus University in Rotterdam and completed the General Management Program at Harvard University in Boston. He is currently an investor in Agtech start-ups and on the Board of Advice at Corvus Drones. Bonny joined the Board of Heliospectra in 2021 and took the position as Interim CEO in January 2022. He is independent in relation to the company and management as well as in relation to the company’s major shareholders. Holding: 0 shares
Born:
1970
Elected:
2021
Holding:
0 shares
Bonny Hereen
CEO and Board Member
Staffan Gunnarsson has extensive leadership experience of starting and operating large scale companies. He’s currently holding numerous positions within the Weland Group, including as MD and board member for Weland Stål AB and Weland Fastighetsbolag. Other assignments include MD of Floby Durk AB, Maku Stål AB and Per Wikstrand AB, as well as boardmember in Melodia Medical AB, Sandåker 5 Fastighetsförvaltning AB, Maku Fastighetsförvaltning AB, Laserstans i Ulricehamn AB, and Häfla Skogar AB. Independent in relation to the company and management but not in relation to the company’s major shareholders.
Born:
1947
Elected:
2017
Holding:
31 999 shares
Staffan Gunnarsson
Boardmember

The shares have been issued in accordance with Swedish legislation and are denoted in SEK. Only one class of shares has been issued. The share is in the name of the holder and the Company’s Shareholder Register is held electronically by Euroclear Sweden.

The share capital

The share capital in Heliospectra is 4,681,543.5 SEK represented by 46,815,434 shares with a par value of 0,10 SEK.

The Company’s shares and warrants are traded on NASDAQ First North Growth Market and (Nasdaq First North Premier Growth Market) and the North American ADR:s are traded on OTCQB.

Trading in the company’s shares on First North Growth Market

The Company’s shares and warrants are traded on the NASDAQ First North Growth Market from June 18, 2014. Share Price from NASDAQ First North.

The share

Ticker for trading on First North: HELIO

ISIN-code for the share: SE0005933082

NASDAQ First North Growth Market

First North Growth Market is an alternative marketplace run by the various stock exchanges included in NASDAQ. It has the same legal status as a regulated exchange. Companies on First North Growth Market are regulated by First North’s rules and not by the legal requirements that are demanded for trading on a regulated exchange. An investment in a company that is traded on First North carries more risk than an investment in a company listed on a regulated exchange. All companies, whose stock is listed for trading on First North, have a Certified Advisor who assures that all regulations are observed. NASDAQ Stockholm approves applications to be included in trading on First North Growth Market.

Certified Adviser

Redeye AB,

Mäster Samuelsgatan 42
Box 7141
103 87 Stockholm

+46 (0)8-12157690
certifiedadviser@redeye.se

IR Contact

Ali Ahmadian

CEO

+46 (0)72 203 63 44
ir@heliospectra.com

Certified Adviser

Redeye

+46 (0)8 121 576 90
Certifiedadviser@redeye.se