The Calix Ltd (ASX: CXL) share price has been a positive performer on Tuesday.
In morning trade, the environmental technology company's shares are up 4% to $6.51.
This means the Calix share price is now up approximately 225% since this time last year.
Why is the Calix share price storming higher?
Investors have been bidding the Calix share price higher today following the release of a positive announcement.
According to the release, Calix has received Australian Pesticides and Veterinary Medicines Authority (APVMA) approval for its safe, environmentally friendly crop protection product, Booster-Mag. This comes just over two years after it first submitted an application for Booster-Mag as a non-lethal insecticide for the suppression of two-spotted mite in tomatoes and field and protected crops.
Though, its journey started long before that. Management advised that the registration of Booster-Mag is the culmination of six years of scientifically rigorous product and application development.
Furthermore, it highlights that Booster-Mag is the first registration of a magnesium hydroxide insecticide in the world, which opens it up to a sizeable market opportunity.
What's next?
Management will initially focus on the suppression of two spotted mite in tomato and cucurbit crops, which present an addressable market opportunity estimated at 16,000 hectares in Australia. It notes that both tomato and cucurbit crops are vulnerable to insect pests and disease and, as such, conventional pesticides are critical.
But it doesn't stop there. The company is part of several larger field trials overseas where other types of crops and applications, such as anti-fungi, are being evaluated. These could extend its addressable market to an estimated 500,000 hectares.
In order to reach these markets, Calix is now developing commercial relationships with specialist global crop protection companies with the expertise and capability to fully utilise Calix's material bioactivity.
