- Dehydration tech company EnWave (ENW) has signed a Technology Evaluation and License Option Agreement with SunRhize Foods
- The companies recently completed a series of successful product development trials at EnWave’s pilot plant facility
- Under the new agreement, EnWave and SunRhize will collaborate to refine multiple commercially viable shelf-stable tempeh snacks
- SunRhize has rights to use EnWave’s dehydrating technology and manufacturing capacity for its dried tempeh products
- EnWave is up 1.54 per cent and is currently trading for $1.32 per share
Dehydration tech company EnWave (ENW) has signed a Technology Evaluation and License Option Agreement with SunRhize Foods.
SunRhize Foods is a start-up company that is focused on the alternative protein and plant-based foods sector. In particular, the company offers an assortment of Certified Organic or Non-GMO Project-verified tempeh products, including fried strips, crumbles, cubes, and raw unpasteurised tempeh.
Tempeh is a soy-based protein originating from South-East Asian cuisine, which is similar to tofu. Since it has a high protein content and can accept various flavourings, it is popular in vegetarian, vegan, and plant-based product markets.
SunRhize has been working with EnWave to develop multiple commercially viable shelf-stable tempeh snacks. The companies recently completed a series of successful product development trials at EnWave’s pilot plant facility.
Under the new agreement, EnWave and SunRhize will collaborate to further refine and finalise the dried tempeh snack formats. To this end, SunRhize intends to leverage REVworx, EnWave’s toll manufacturing division which is meant to be commissioned this year.
SunRhize has the right to reserve up to 15 per cent of the REVworx capacity before March 31, 2021, to commercialise the tempeh snacks. The company also has the exclusive right to license EnWave’s Radiant Energy Vacuum (REV) technology to produce its dried tempeh products in Indonesia, Belgium, and the Netherlands.
SunRhize will pay EnWave an undisclosed fee in order to retain its exclusive license option rights, and as a fee for product development support.
EnWave is up 1.54 per cent and trading for $1.32 per share, as of 10:07am EST.