NEXE Innovations Inc (TSX-V:NEXE, OTC:NEXNF) revealed its first venture into distributing its patented BPI compostable coffee pods for the popular Keurig brewing machines.
The leading compostable and innovative materials company is teaming up with Awaken Brands Ventures Ltd, allowing Awaken Brands to offer its "ecobeans coffee" product line with a sustainable and eco-friendly pod option.
Compostable pods currently represent a small portion of the over 80 billion total pods market, but the segment is projected to grow by over 33% by 2028.
For NEXE, that represents an opportunity to capture a share of the growing global pod market with its compostable pods.
The collaboration with Awaken Brands is a significant step for NEXE, as the company continues to produce key components for its fully compostable beverage pod at its manufacturing facility in Windsor, Ontario. This in-house facility allows NEXE to scale faster and accelerate R&D for introducing other fully compostable solutions.
"We are excited about the launch of ecobeans and to help bolster our clients' sustainability initiatives with an eco-friendly compostable pod option," said Alina Gogoescu, co-founder of Awaken Brands.
NEXE president Ash Guglani told investors that the firm was “thrilled” to have reached this “significant” milestone.
"Our dedication to R&D and our team's relentless pursuit of excellence has made this possible,” Guglani said in a statement. “Our commitment is to provide sustainable, competitive compostable solutions to eliminate plastic waste."
Contact Angela at angela@proactiveinvestors.com
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