EnWave sells 10 kW REV Machine to Dairy Concepts IRL for Shelf-Stable Dairy Snack Production
VANCOUVER, British Columbia, March 19, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company"), announces that Dairy Concepts IRL (“DCI”), a leader in innovative dairy snacks has signed an Equipment Purchase Agreement (the “Agreement”) to acquire a 10kW Radiant Energy Vacuum (“REV”) machine to be placed at Moorepark Technology Limited’s (“MTL”) facility in Cork, Ireland.
DCI signed a royalty-bearing commercial license agreement (the “License”) with EnWave in September 2020, granting it processing rights for a portfolio of natural, sweet and savoury, shelf-stable, hand-held dairy snacks. To facilitate initial REV processing, DCI forged a commercial relationship with MTL. MTL provides commercial pilot plant and research services for food industry customers. DCI and MTL have collaborated to combine leading technology with food innovation strategy to launch new and exciting dairy-based products to the market.
MTL previously purchased a 10kW REV machine from EnWave in September 2019 and this machine has been used commercially by DCI since September 2020. The addition of the DCI REV machine will double capacity at the MTL facility.
On a go-forward basis, DCI will use both the existing REV machine at MTL and their newly purchased unit for commercial production.
DCI has also agreed to purchase two additional 10kW REV machines before the end of 2021 to maintain exclusivity for the production of dried cheese and cheese-like snacks. DCI maintains the exclusive right to use REV technology in Ireland and the United Kingdom and pursuant to the License, DCI will pay an undisclosed minimum annual royalty to EnWave during the License term.
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The additional REV machines will be used for the production of DCI’s own consumer branded products, as well as co-manufacturing capacity for other emerging and established dairy companies based in Ireland and the United Kingdom.
REV technology has been proven at scale in the food and cannabis industries. EnWave has 43 licensed partners and more than 50 royalty-bearing REV machines in operation globally.
About Dairy Concepts IRL
Dairy Concepts IRL has become a leading innovator in the global dairy snacks market, by combining its entrepreneurial vision with Ireland’s scientific talent, quality dairy ingredients, global reputation and sustainable competitive advantage in dairy.