EnWave Corporation (CVE:ENW) (OTCPINK:NWVCF) revealed that global snack manufacturer Calbee Inc is to commission a further two of the firm's 10kW Radiant Energy Vacuum (REV) dehydration machines in Japan.
The group has signed an equipment purchase agreement with Calbee, which was founded in 1949 and holds more than half of the market share in the Japanese snack market.
READ: EnWave completes installation of 60 kW Radiant Energy Vacuum unit for The Green Organic Dutchman
Outside Japan, it has a presence in the United States, Korea, China, Hong Kong, Thailand, Singapore, Indonesia, Australia, and the UK.
"Calbee entered into a royalty-bearing commercial license agreement with EnWave approximately one year ago, and the purchase of the two additional REV machines demonstrates the commercial value of using EnWave’s proprietary technology for producing premium snack products," EnWave said in a statement on Monday.
Vancouver-based EnWave has developed Radiant Energy Vacuum (REV), which is a proprietary method for the precise dehydration of organic materials. The technology has commercial viability and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis.
The group' strategy is to sign royalty-bearing commercial licenses with companies in multiple verticals for the use of its REV technology.
Calbee has already successfully developed several “better-for-you” snack products internally using the group's REV technology and intends to intensify its commercial efforts this year, focusing on premium, healthy fruit and vegetable snack products, the firm said.
The installation of the two additional 10kW machines will triple the royalty-bearing production capacity of Calbee in Japan, noted EnWave.
Shares ticked up 2.67% to C$0.77 in Toronto.
---Updates for share price--
Contact the author at [email protected]