EnWave Corp (TSX-V:ENW, OTC:NWVCF) announced that it has received the second progress payment under an Equipment Purchase Agreement with Procescir of Mexico for a 120kW Radiant Energy Vacuum (REV) machine.
The company said that the equipment is scheduled to be commissioned within the next three months.
The REV machine will be used by Procescir for the commercial production of fruit and vegetable products.
Procescir, a vertically integrated Mexican agriculture company, plans to manufacture both private-label and branded snack products and provide toll drying services to other food brands.
Concurrent with the payment, Procescir secured a two-year toll drying contract with a leading American healthy snack company.
EnWave expects most of the REV system’s capacity will be dedicated to this tolling agreement, which the company believes will strengthen its royalty portfolio.
EnWave began building the 120kW REV machine in late 2024 in anticipation of the order and is targeting delivery to Procescir in July 2025.
With the second progress payment received, EnWave has also initiated construction of an additional large-scale REV machine to support future demand.
Shares of EnWave were up around 2% on Tuesday morning in Toronto.