- Technology company, EnWave (TSXV:ENW) has signed an agreement with a leading Eastern European fruit and vegetable company
- Through the agreement, the partner will assess EnWave’s Radiant Energy Vacuum dehydration technology for commercial use
- EnWave will receive a monthly evaluation fee from the fruit and vegetable company during the process
- The unnamed partner will have the non-exclusive option to license EnWave’s technology to produce dehydrated foods in Europe
- EnWave Technologies (ENW) is up 10.29 per cent, with shares trading at C$0.75
Technology company, EnWave (TSXV:ENW) has signed an agreement with a leading fruit and vegetable company from Eastern Europe.
Through the agreement, the unnamed partner will assess EnWave’s Radiant Energy Vacuum (REV) dehydration technology.
Specifically, the fruit and vegetable company will appraise the REV dehydration technology’s potential for commercial use.
During the term of the agreement, EnWave will receive a monthly evaluation fee from its new partner.
In return for feedback on the REV technology’s commercial applications, the fruit and vegetable company ywill have the non-exclusive option to license EnWave’s REV technology to produce dehydrated fruit and vegetable products.
This license will apply to particular countries in Europe, which the company did not specify in today’s announcement.
If the fruit and vegetable company is able to successfully produce commercially viable products, it bodes well for EnWave. The initial evaluation could open the doors for EnWave to introduce its patented dehydration technology to the European market.
EnWave’s evaluation partner has distribution channels that are primarily located in Eastern and Central Europe. The unidentified company entered the agreement as a steppingstone to commercialise new snack, ingredient, grocery, and food-service products.
If the testing and development proves fruitful, EnWave will work to sign a royalty-bearing commercial license agreement. At such time, the fruit and vegetable company will likely commit to purchasing large-scale REV machinery.
In addition to application in food, EnWave’s REV dehydration technology also has uses in the growing cannabis industry. The company has already developed patented methods for drying and decontaminating cannabis through the REV technology.
EnWave Technologies (ENW) is up 10.29 per cent, with shares trading for C$0.75 at 12:27pm EDT.