Local food-dehydration leader EnWave inks deal with Fortune 500 company
Vancouver's EnWave Corp. (TSX-V:ENW) has signed a royalty-bearing commercial licence with Fortune 500 company Hormel Foods Corp., EnWave announced this morning.
Minnesota-based Hormel will use EnWave's Radiant Energy Vacuum (REV) dehydration technology in the production and sale of certain food products. Under the terms of the agreement, the two companies have outlined royalty rates, market rights and use of EnWave's trademark.
"The planned product launch by Hormel Foods represents another important market segment opportunity for our REV™ technology," said EnWave chairman and co-CEO Tim Durance.
"We believe that the marketing and distribution scale of Hormel Foods will enable these new products to have a very good chance for long-term commercial success on a global basis."
EnWave is leasing a production unit to Hormel that is expected to be operational by the end of the summer. A commercial-scale equipment order is expected by the first half of 2014.
EnWave announced in February that it had entered into a partnership with Lucid Capital Management Ltd. for the U.S. marketing of cheese snack products using EnWave's microwave dehydration process.