Enviroauite says the deal is in accordance with a subscription agreement signed earlier today, withthe price representing a premium of 29% to latest closing price and a premium of 32% to the 7-day VWAP.

Under the Subscription Agreement, the shares will be issued in two tranches, with the first tranche of 158.5 million shares expected to be issued on or around 4 September 2024 under Envirosuite’s available ASX Listing Rule 7.1 placement capacity.

The second tranche is subject to shareholder approval under ASX Listing Rule 10.11, which will be sought at Envirosuite’s annual general meeting later this year.

Enviroauite says funds from this strategic investment will be used to advance the Company’s EVS Industrial solutions and market penetration particularly in the mining sector, with a specific focus on delivering solutions that assist customers with site productivity improvements and their ESG priorities, including GHG reductions, through digital technology.
Envirosuite CEO, Jason Cooper said:

"We are thrilled to be launching into the top tier of global mining services with Hitachi Construction Machinery and their subsidiaries. Together, we expect to set new standards in operational management and environmental responsibility for the Mining industry globally which aligns strongly with both companies’ visions for a sustainable world.” 

“The $10 million investment and Collaboration Agreement represents definitive industry validation of our technology at the highest level, and will showcase our ability to help customers achieve their productivity and ESG goals through an innovative site-wide digital solutions approach. This is a significant untapped opportunity in the Mining industry." Hitachi Construction Machinery Vice President and Executive Officer, President of Mining Business Unit Eiji Fukunishi said:

“We are excited to be investing in a strategic relationship with Envirosuite. Their decades of experience and commitment to environmental and social responsibility while helping customers achieve their productivity goals aligns perfectly with Hitachi’s vision for ‘ensuring a prosperous land and society for the future, and contributing toward realizing a safe and sustainable society’.

“Envirosuite’s culture of honesty, integrity and commitment to customers and the communities we all serve is the foundation of both of our businesses. Through this investment, we hope to leverage Envirosuite’s solutions, data scientists’ analytical capabilities, and its findings and know-how in subscription business in order to further refine Hitachi Construction Machinery’s solutions in the Mining business."

Envirosuite also announced that Hitachi GM New Business Strategy and Wenco executive VP Eric Winsborrow has been appointed as a director of Envirosuite
Envirosuite said Eric Winsborrow brings over 30 years’ Silicon Valley experience to the Envirosuite  Board of Directors, “introducing next generation technology solutions to global markets for Networking, Cyber Security and Industrial IoT”.

Envirosuite notes that Eric Winsborrow is currently responsible for helping to create and execute the long-term digital strategy for Hitachi Construction Machinery and group companies.

“Prior to Wenco, Mr. Winsborrow was the CEO of Distrix Networks, a company that developed secure next generation sensor networks for the US Government and Industrial IoT customers worldwide. Mr. Winsborrow was also CEO of Shadow Networks, an advanced cyber security company using Software Defined Networks to deceive attackers that were already operating inside government and corporate networks.

“Prior to running startups, Mr. Winsborrow served in senior product leadership positions of leading Silicon Valley companies such as Cisco Systems, Symantec and McAfee, introducing disruptive new technologies to customers globally, and served as an Entrepreneur in Residence for Yaletown Venture Partners, performing due diligence on over one hundred technology firms.”

Eric Winsborrow majored in engineering physics and economics at McMaster University in Canada, and has an MBA in International Business from McMaster University and the Institute for International Studies in Japan.

Envirosuite CEO, Jason Cooper said:  “We are very pleased to welcome Eric to the board. He has helped steward the investment and collaboration with Hitachi Construction Machinery, and we deeply value his experience and contact network particularly in the North American and Asian regions. We look forward to working with Eric as we move forward into this new era for the Company.”