EnWave Corp (TSX-V:ENW, OTC:NWVCF) announced that it has signed a Technology Evaluation and License Option Agreement (TELOA) with Solve Solutions, a Brazilian food company.
Under the terms of the agreement, Solve Solutions will have the exclusive option to license EnWave's Radiant Energy Vacuum (REV) drying technology to produce select products in Brazil.
Solve Solutions specializes in producing premium dried fruit, vegetable, and snack products, targeting both private label and consumer food brands in Brazil and international markets.
Solve Solutions previously tested the REV technology at EnWave's innovation center in Canada and is now moving forward with the next phase of product development and market testing.
As part of the agreement, Solve Solutions will rent a 10kW REV machine for use at their facility in Brazil, allowing them to fast-track the development of premium dried products. The rental period for the machinery will range from three to six months.
If the trial proves successful, Solve Solutions can opt to acquire the 10kW REV machine.
This agreement marks the first TELOA signed by EnWave with a Brazilian food manufacturer, according to EnWave.