VANCOUVER, BC, Feb. 24, 2021 /CNW/ - NEXE Innovations
Inc. ("NEXE" or the "Company"), a leader in plant-based
materials manufacturing, is pleased to announce that it has been
awarded a $300,000 grant from the
Province of British Columbia (BC),
Canada under the BC Ignite
Program. This funding will support the Company's research and
development 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.
"We are appreciative of this support from the Government of BC,
which reflects its commitment to supporting disruptive companies in
the cleantech space," said Ash Guglani, President of NEXE. "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."
The BC Ignite program is part of the Government of British Columbia's strategy to help companies
to grow, create jobs, and commercialize new technologies in BC. In
addition to providing funding, Innovate BC's mandate is to build
the capacity of BC companies to access global markets and attract
new investment. NEXE was one of three winners of Round 9 of the BC
Ignite Program.
"We're excited to help supercharge game-changing innovation.
Past winners have solved billion-dollar market problems that
companies like Goodyear have tried to solve for 50 years." said
Raghwa Gopal, President + CEO, Innovate BC
"Innovation is one of the pillars of economic growth and will
become increasingly important as we rebuild from the impacts of
COVID. These companies are producing breakthrough technologies that
will help protect the environment, stimulate the economy, and
benefit people's lives." said Ravi
Kahlon, Minister of Jobs, Economic Recovery and
Innovation
NEXE is also pleased to announce that it has now received
approximately $8.5M from warrant
exercises to date in addition to the $14.2M that the Company raised in its
December 2020 financing. The company
is fully funded to fulfill its projected capital requirements for
the next 12 months as it scales up manufacturing of its compostable
single-serve beverage pods.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a leader in plant-based compostable
technology and advanced materials manufacturing based in
British Columbia, Canada. The
company has developed one of the only patented, fully compostable,
plant-based, single-serve coffee pods for use in leading
single-serve coffee machines. The proprietary NEXE pod is designed
to reduce the significant environmental impact caused by
single-serve pods, >40 billion of which are discarded
every year. With over $35M raised to
date from equity and government funding and over five years of
R&D, NEXE is well-positioned to meet the growing demand for
environmentally friendly and sustainable products in the
single-serve coffee sector and beyond.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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Cautionary Note Regarding Forward-Looking Statements
Certain statements in this release are forward-looking
statements or information, which include the proposed use of
proceeds, commercialization of the NEXE PODs, including the NEXE
Nespresso Compatible Pod, development of the NEXE Mask, and
increase production capacity, create other environmentally friendly
compostable packaging opportunities, development of technologies,
the potential of the Company's technology, future plans, regulatory
approvals and other matters. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including but not limited to, business, economic and capital market
conditions, the ability to manage operating expenses, consumer
demand for and sentiment towards the Company's products, security
threats, and dependence on key personnel. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company
will operate in the future, including the demand for its products,
anticipated costs, and the ability to achieve goals. Factors that
could cause the actual results to differ materially from those in
forward-looking statements include, failure to obtain regulatory
approval, the continued availability of capital and financing,
equipment failures, litigation, increase in operating costs, the
impact of Covid-19 or other viruses and diseases on the Company's
ability to operate, competition, failure of counterparties to
perform their contractual obligations, government regulations, loss
of key employees and consultants, and general economic, market or
business conditions. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement. The reader is cautioned not to place undue reliance on
any forward-looking information.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as
required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE Nexe Innovations Inc.