- Technology company, EnWave (ENW) has signed a commercial license agreement with Italian food producer, Orto Al Sole Di Gandini Claudio
- The license gives Orto Al Sole exclusive rights to produce fruit and vegetable snacks in Italy, using EnWave’s REV technology
- Orto Al Sole has purchased one of EnWave’s ten kilowatt REV machines, in order to start commercial production in Italy
- This represents EnWave’s first agreement with an Italian company, and its 39th agreement worldwide
- EnWave (ENW) is down 0.92 per cent and is currently trading at C$1.08 per share
Technology company, EnWave (ENW) has signed a commercial license agreement with Italian food producer, Orto Al Sole Di Gandini Claudio.
Orto Al Sole is an established producer of high-quality fruits and vegetables in Italy’s Emilia Romagna region. It has a crop-producing capacity of 2,500 acres, mainly producing green beans, zucchinis, and friggitello (a sweet Italian chilli pepper).
The license gives the producer exclusive rights to create dehydrated fruit and vegetable snacks in Italy, using EnWave’s Radiant Energy Vacuum (REV) technology. Orto Al Sole will create the snack products in Italy, for sale both domestically and in other European markets.
In tandem with the agreement, Orto Al Sole has purchased one of EnWave’s ten kilowatt REV machines, to begin commercial production. The fruit and vegetable producer will pay quarterly royalties to EnWave, based on revenue from REV-dried product sales.
To maintain license exclusivity, Orto Al Sole must meet certain minimum performance requirements. These will include minimum annual royalties and future equipment purchase obligations.
This development is the first license agreement which EnWave has signed with an Italian company, and its 39th worldwide. As such, it represents the company’s ongoing expansion of its proprietary dehydration technology into new markets all over the globe.
EnWave has already seized numerous opportunities through agreements around the world. These include agreements with a Mexican food company, a Japanese snack producer, and an Eastern European fruit and vegetable company.
The company also recently started seeking opportunities to apply REV technology to other industries, such as the cannabis sector.
EnWave (ENW) is down 0.92 per cent, and trading for $1.08 per share at 11:02am EDT.
