This deal just caused the Envirosuite (ASX:EVS) share price to pop

Envirosuite investor holds a tech device while sitting on a ledge looking out to trees through a window

The Envirosuite Ltd (ASX: EVS) share price is climbing during morning trade on Thursday.

The Sydney-based environmental tech company has announced a strategic partnership with Aeroqual, which is a global leader in air quality monitoring technology.

At the time of writing, the Envirosuite share price is up 4.44% to an intraday high of 24 cents.

Envirosuite sets eyes on growth opportunities

In a statement to the ASX, Envirosuite advised it has executed a Memorandum of Understanding (MoU) with Aeroqual.

The strategic partnership will see them pursue and develop joint market opportunities. This involves combining the two environmental technologies from both companies and packaging them together.

Aeroqual offers a global air quality monitoring platform based on smart sensing technology and advanced software algorithms.

Envirosuite’s proprietary software monitors and manages all-weather impacts, which allows customers to optimise their operations. The company hones in on air quality and metrology consultancy using real-time and predictive technologies.

Under the MoU, Envirosuite and Aeroqual will focus on driving revenue and customer traction across a number of industries.

The industries at the top of the list are mining, waste, wastewater, and industrial sectors in North America.

It’s worth noting that Aeroqual already has an established customer base in the United States. Clients include Anglogold Ashanti Ltd (ASX: AGG), the United States Environmental Protection Agency and New York City’s Department of Environmental Protection.

Envirosuite and Aeroqual are already working on other projects together in Spain, Malaysia and the US.

What did management say?

Envirosuite CEO Jason Cooper said:

The Envirosuite team is excited to expand our opportunity potential with Aeroqual, a leader in air quality stations, monitors and technology, to complement our EVS Omnis platform, provide expertise and combined solutions for advanced air quality management and intelligence within our respective high-growth industries.

We believe this partnership has the potential to help industries to transform their environmental management practices and accelerate growth within Mining, Waste, Wastewater and Industrial facilities.

Envirosuite share price snapshot

The Envirosuite share price has risen by more than 20% over the past 12 months.

The company’s shares hit a rough patch during the middle of this year. That changed late last month when the share price accelerated to a 52-week high of 24.5 cents.

Based on today’s Envirosuite share price, the company commands a market capitalisation of $270.01 million. It has approximately 1.2 billion shares outstanding.

The post This deal just caused the Envirosuite (ASX:EVS) share price to pop appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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