The successful raise gives EVS the capital backing it needs to grow its sales and product team in order to meet increased demand.
Environmental technology company Envirosuite (ASX:EVS) is heading into 2022 with strong momentum, as it builds market share across multiple verticals.
And this morning the company confirmed strong support from a network of institutional investors, with the completion of a $10.5m share placement.
EVS Water
The bulk of the funds raised will be deployed towards a scale up of the company’s EVS Water division, which has established product market fit and is on track for strong growth over the next 12 months.
The EVS Water platform uses advanced data analytics software including machine learning to foster improved monitoring and maintenance of water treatment systems.
As evidence of the technology’s in-market validation, EVS has established a strong client base which includes Water Corporation – the primary supplier of water in WA.
EVS Water will also be delivered at a desalination and drinking water plant in Asia and the recently announced strategic partnership with multinational engineering services firm GHD.
With the additional funding, EVS will look to capitalise on its existing market traction by building out its direct sales team.
The sales team will be focused on two core products:
- Plant Optimiser, which provides analytics and forecasting for water compliance; and
- SeweX, a proactive monitoring service for safety, corrosion and odour risks in sewer networks.
EVS Water also plans to build headcount across product and technical roles to support its expanded client base, and pursue additional strategic partnerships across global markets.
The share placement was completed at an offer price of 20c per share, a discount of around 10% to EVS’ last closing price.
Wilsons Corporate Finance Limited and Bell Potter Securities Limited are acting as joint lead managers to the Placement.
This article was developed in collaboration with Envirosuite, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.