- Technology company, EnWave (ENW) has signed a commercial license agreement with Irish dairy snack company, Dairy Concepts IRL
- DCI plans to use EnWave’s Radient Energy Vacuum (REV) technology to develop a range of shelf-stable, all-natural dairy snacks
- DCI has secured exclusive rights to use REV technology in Ireland and the UK, to produce dried snack products consisting of cheese
- To maintain exclusivity, DCI must purchase large-scale REV equipment in 2021, and pay quarterly royalties to EnWave
- EnWave (ENW) is down 1.10 per cent and is currently trading at C$0.90 per share
Technology company, EnWave (ENW) has signed a commercial license agreement with Irish dairy snack company, Dairy Concepts IRL.
Based in Cork, Ireland, DCI is focused on developing shelf-stable, all-natural, hand-held dairy snacks. The company has been pursuing this endeavour at Cork’s Teagasc Moorepark Food Research Centre, a dairy research and development centre.
DCI plans to use EnWave’s Radient Energy Vacuum (REV) technology to develop a range of sweet and savoury dried snacks, consisting of cheese and cheese-like products.
In order to facilitate initial REV processing, DCI has formed a commercial relationship with Moorepark Technology (MTL). MTL is a joint venture company, which was established by Teagasc with shareholders from the Irish dairy industry.
In September 2019, MTL purchased one of EnWave’s 10 kilowatt REV machines.
Under the agreement, DCI has secured exclusive rights to use REV technology in Ireland and the UK, to produce dried snack products comprised of cheese. In order to maintain that exclusivity, there are number of conditions set down by EnWave which DCI must meet.
Firstly, DCI must purchase large-scale REV equipment from EnWave in 2021. Secondly, the company must pay an undisclosed amount of quarterly royalties to EnWave during the license term.
If DCI is successful in using the REV technology to produce the snacks, the company hopes to launch its own consumer branded products. In addition, DCI also intends to co-manufacture for other leading dairy companies in Ireland and the United Kingdom.
EnWave (ENW) is down 1.10 per cent and is trading at C$0.90 per share at 9:42am EDT.
