- EnWave (ENW) has signed research and development licence agreement with Fresh Business for its REM technology in Spain
- Fresh Business is currently trying to commission a large-scale 100kW REV machine at the Peruvian facility
- In accordance with the contract, Fresh Business is obligated to put a second deposit on the 10kW machine before July 2021
- Fresh Business has been given option rights to analyze possible product application by paying individual exclusivity fees to EnWave for each product.
- EnWave is currently up 2.86 per cent and is trading at C$1.44 per share
EnWave (ENW) has signed research and development licence agreement with Fresh Business for its Radiant Energy Vacuum technology in Spain.
Headquarters for EnWaves are in Delta, British Columbia. According to its website, the company's mission is to help "food and pharmaceutical processing companies find solutions to their processing challenges."
Fresh Business already paid an initial deposit for this 10kW (REV), which works as a dehydration machine. Fresh Business employees possess vast experience in the agri-foods industry.
Their main focus is to build up the business with high quality dried fruits and vegetables from South America to western markets.
This agreement pushes the advancement of this partnership forward. Fresh Business to-date holds a royalty-bearing commercial license agreement for many food products in Peru.
It is currently trying to commission a large-scale 100kW REV machine at the Peruvian facility it currently occupies.
Commercial production has not yet started but is slated to take off in Peru in the second quarter of 2021.
Fresh Business hopes this agreement will open up more partnerships with selected technology centres in hopes to show the value of REV technology.
The placement of a pilot-scale REV machine at an innovation centre in Spain has EnWave hopeful of increasing their visibility. In doing so, it could prove to be a potential European hub for proof-of-concept trials on future new product requests.
In accordance with the new agreement, Fresh Business is obligated to put a second deposit on the 10kW machine before July 2021.
When looking ahead, Fresh Business has plans to select a technology centre in Spain to install its new machine for demonstration purposes.
In exchange for paying individual exclusivity fees to EnWave for each product, Fresh Business will be giving option rights to analyze possible product applications.
EnWave is currently up 2.86 per cent and is trading at C$1.44 per share at 2 PM EST.