The Aeris Environmental Ltd (ASX: AEI) share price rose today after the company announced a new partnership. The Aeris share price closed the day 6.93% higher at a price of 54 cents per share.
What Aeris does
Aeris is an Australian company that develops and manufactures environmentally friendly technology in order to save energy, increase efficiency and keep workplaces and equipment clean. The company has seen large demand for its product thanks to the global coronavirus pandemic.
Aeris offers a management tool called AerisVIEW that is uniquely scalable across a range of climate controlled environments such as buildings and vehicles.
What happened
Aeris announced that it has entered into a partnership with SABCO, which specialises in cleaning and garden products. SABCO is wholly owned by American company Libman. It is estimated that Libman has 27% of the United States market share for cleaning tools. The connection may excite Aeris shareholders as it points to increased market opportunity.
The partnership relates to SABCO's 'Ultrashield Pro, Powered by Aeris' product. It is set to be launched nationwide and stocked in over 250 Bunnings locations around Australia. Aeris has received an opening order worth $415,000 for the product.
Aeris' Chief Executive Officer, Peter Bush, said of the partnership:
We are proud to have partnered with SABCO, the leading Australian consumer brand in the category. This opportunity allows us to grow a core range of Aeris' product portfolio into the Australian retail channel. SABCO's relationship with The Libman Group creates leverage into North America and beyond, with a strong partner that has over a century of experience in the field.
About the Aeris share price
The Aeris share price has risen on the news, closing almost 7% up for the day. This is one share that has enjoyed real tailwinds from COVID-19, posting a remarkable 91% increase since the start of the year.
