Forward Water Technologies (TSX-V:FWTC) Corp said it has been awarded C$97,773 in matching funds as part of The Canadian Food Innovation Network's Innovation (CFIN) Booster Program.
The company, which is focused on saving the earth's water supply using its patented Forward Osmosis (FO) technology, said its food-safe process for cold concentration of foodstuffs is expected to advance the competitiveness of Canada's food business ecosystem through the production of higher quality end products with reduced greenhouse gas (GHG) emissions associated with conventional processing.
“The ability to cold concentrate liquid food and beverage streams preserves the high quality of the product while intensifying flavours and aromas, produces no secondary waste stream, and accomplishes the process using only a fraction of the energy that traditional thermal processes require,” Forward Water Technologies CEO Howie Honeyman said in a statement.
READ: Forward Water Technologies developing new treatments aimed at the lucrative food and beverage industry
“The net result is a superior product made at reduced costs that lowers GHG emissions and the support from CFIN will enable us to accelerate this development and get to market even faster,” Honeyman added.
Forward Water noted that the new process for cold concentration of foodstuffs it is developing is resulting in up to 10 times the concentration capability when compared to thermally-based technologies.
The CFIN Food Innovation Challenge seeks to support disruptive start-ups in the food service industry that are on the cusp of development and commercialization, according to the company.
It added that the challenge is limited to Canadian-led collaborations and grants are awarded based on merit.
Forward Water Technologies was founded by Green Centre Canada, a top technology innovation centre supported by the Canadian government. The company's technology allows for the reduction of waste streams, while simultaneously returning fresh water for reuse or surface release.
Contact Sean at sean@proactiveinvestors.com