- Environmental technology company Envirosuite (EVS) has won a significant water monitoring contract in China, worth nearly $3 million
- Under the agreement, Envirosuite will now supply specialised water monitoring equipment to the Chongqing Lianquing Instrumentation company
- The contract was fast-tracked as the COVID-19 pandemic has increased community awareness of public health issues, particularly in the air and water quality
- On the market this afternoon, Envirosuite is down 11 per cent on the market and is trading at 7.3¢ apiece
Environmental Technology company Envirosuite (EVS) has won a significant $2.8 million water monitoring contract in China.
Envirosuite will supply specialised water monitoring equipment to the Chongqing Lianquing Instrumentation company (CLI), which is closely related to the Shanghai-listed Chongqing Water Group.
Under the contract, Envirosuite is to obtain and commission an initial 375 third-party water quality analysers for 11 water and wastewater treatment plants across Chongqing city in the western part of China.
The contract was fast-tracked as the COVID-19 pandemic has increased community awareness of public health issues, particularly in the air and water quality.
CLI CEO Wei Peng is very pleased to commence this relationship with Envirosuite at a time when China is increasing its efforts to ensure the safety and well-being of its citizens in the wake of the Coronavirus epidemic.
“Water quality is a key aspect of public health and industry needs to ensure that discharged treated water is safe to return to natural watercourses and subsequent water supplies,” he added.
Envirosuite CEO Peter White says the community in China seems to be more focus on reducing the risk of future public health issues with tighter regulatory requirements being enforced.
“As a result, we are witnessing a marked increase in interest for our solutions. Based on the number of near-term opportunities, we are confident that our China subsidiary will achieve revenue in excess of $10 million this calendar year,” he told the market.
“This is 12 months earlier than the 31 December 2021 deadline set for the vesting of performance-dependent options associated with the agreement that Envirosuite entered into with our China partner in September last year,” he added.
On the market this afternoon, Envirosuite is down 11 per cent on the market and is trading at 7.3 cents apiece at 1:10 pm AEDT.