EnWave Corporation (CVE:ENW) (OTCMKTS:NWVCF) has reached an agreement to license its Radiant Energy Vacuum (REV) technology to Moorepark Technology Limited.
MTL offers commercial plant facilities and research services to the food industry, giving companies the space and technology they need to produce pilot-scale batches with prototype ingredients.
The company has committed to purchasing a 10 kiloWatt REV dehydration machine for its plant in Cork, Ireland. It plans to market the technology to the Irish food manufacturing industry as a tool to develop innovative food products.
If all goes according to plan, the operation will serve as a proving ground of sorts for potential royalty partners for EnWave.
EnWave personnel will work closely with MTL to showcase the REV technology to potential partners on a project-to-project basis.
One example of a food product made using EnWave’s REV technology is Moon Cheese, a dehydrated cheese snack produced by its subsidiary NutraDried Food Company and sold at Starbucks Corporation (NASDAQ:SBUX) stores.
Shares of EnWave increased 3.9% to C$2.14 on Bay Street on Monday and 2.3% to US$1.60 in New York.
—Updated to include stock movement—
Contact Andrew Kessel at email@example.com
Follow him on Twitter @andrew_kessel