NEXE Innovations Inc (CVE:NEXE) (OTCMKTS:NEXNF) (FRA:NX5) said it has been awarded a $300,000 grant by the Province of British Columbia (BC) in Canada under the BC Ignite Program, which it said will support its research & development (R&D) into new plant-based compostable materials in collaboration with the University of British Columbia (UBC), and the commercialization of its single-serve beverage pod products.
The plant-based materials specialist said it was one of the three winners of round nine of the Ignite Program, which is part of the BC government’s strategy to help companies to grow, create jobs, and commercialize new technologies in the province.
WATCH: Nexe Innovations working on replacing disposable one-use face masks with fully compostable ones
"We are appreciative of this support from the Government of BC, which reflects its commitment to supporting disruptive companies in the cleantech space. This grant, combined with the recent Innovative Solutions Canada $1 million award from the Government of Canada further validates NEXE's global expertise in biopolymer technology and supports our vision of eliminating single-use plastic across the globe," NEXE president Ash Guglani said in a statement.
NEXE also said it has received around $8.5 million from warrant exercises to date, in addition to the $14.2 million it raised in its December 2020 financing. The company added that it is fully funded to fulfill its projected capital requirements for the next 12 months as it scales up the manufacturing of its compostable single-serve beverage pods.
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