EnWave Corporation (CVE:ENW) is sending its proprietary Radiant Energy Vacuum technology to Iceland, thanks to a new royalty-bearing agreement with a health food company.
The Vancouver-based firm said Wednesday it had signed a commercial license agreement with Responsible Foods ehf to produce dried snacks and ingredients from Icelandic sources using its Radiant Energy Vacuum (REV) technology.
Responsible Foods purchased a 10kW commercial REV machine to kick off production in Iceland for distribution throughout domestic and international markets.
READ: EnWave reports record quarterly revenues; enters New Zealand with new royalty agreement
According to EnWave, Responsible Foods has exclusive rights to process food products in Iceland, including dairy products, seafood, meat and numerous herbs and berries. The products can be sold to other food producers as ingredients or as retail consumer products, the company said.
This is EnWave’s first deal in Iceland and its 36th agreement worldwide.
EnWave offers industrial-scale dehydration technology, and also provides machinery for drying bulk biological materials and pharmaceuticals in vials. The REV dehydration technology can be used in the cannabis, food and pharmaceutical industries.
Last week, EnWave announced a new royalty-bearing agreement in New Zealand through a deal with Helius Therapeutics, the country’s first medical cannabis company.
Shares of EnWave gained 2.6% on Wednesday morning at C$1.55.
--Updated with share price--
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas