Environmental intelligence company Envirosuite (ASX: EVS) has provided a promising update on its newest product, EVS Water, which has picked up new customers in Australia, Asia , Europe and the US with revenues ahead of originally forecast.
The technology is close to achieving its initial goal of $1m in total sales, only one year into operation.
The Company has almost recouped its original investment in the technology, which was acquired in 2020 for $1.35m from Aqueous Material Balance (AqMB).
The EVS Water technology allows water plant operators to optimise their treatment plants by using machine learning to find efficiencies by making reductions in their biggest costs – electricity and chemical usage.
Envirosuite believes they can further penetrate their AU$2.8B global addressable market for EVS Water, and has a good chance given the Company’s existing reach and customer base for other products which spans 40 countries.
As well as cost cutting, EVS Water allows plant operators to improve their Environmental Social Governance (ESG) by reducing climate impact from electricity and chemical usage; something of increasing importance for companies across all industries, regardless of what Elon Musk says…
“EVS Water is the newest, highest margin and fastest growing of our three product lines with the largest prospective market size. Our widespread customer wins demonstrate that it is quickly receiving market validation by industry leaders in each major region of the globe,” said Envirosuite CEO, Jason Cooper.
“We’ve invested in a high calibre, industry experienced sales team, along with a specialist product and development team that includes several PhDs to expedite the commercialisation and scalability of EVS Water.”
“With the initial success to date and scalable opportunities ahead there is confidence that this new product stream could be a substantial future contributor to group revenues and earnings.”
Outside of water applications, Envirosuite also offers software that is used in industries such as industrials and even aviation, capable of measuring air quality, noise pollution, odours, and vibrations.