VANCOUVER, BC, Jan. 14, 2021 /CNW/ - NEXE Innovations
Inc. ("NEXE" or the "Company"), a leader in plant-based
materials science and advanced manufacturing technologies, is
pleased to announce that it has been awarded a $1,000,000 grant from the Government of
Canada ("GOC") to support the
commercialization of its NEXE Nespresso-Compatible Pods. The
award is part of Phase 2 of the GOC's Plastics Challenge:
Improved Compostability of Bioplastics ("Bioplastics
Challenge"). This follows a $150,000
grant that NEXE received in 2019 during Phase 1 of the program to
support prototype development. This award will support the
high-speed manufacturing of the Company's NEXE
Nespresso-Compatible pods following the announcement of
best-in-class composting results last week.
NEXE Chief Scientific Officer Dr. Zachary Hudson commented "We are grateful to the
Government of Canada for this
award, which reflects their commitment to nurturing innovative,
Canadian-made solutions to some of the world's most challenging
problems. At NEXE, we have developed and validated sustainable
plant-based materials that are better for the environment without
compromising the needs of the consumer. We look forward to bringing
them to market with the support of Innovative Solutions
Canada."
"We are honoured to receive this award from the Government of
Canada," said Company CEO
Darren Footz. "This award helps
validate our research and development efforts over the last five
years in developing a fully compostable pod for both Keurig K-Cup
and Nespresso-compatible brewing systems. With the support of the
Canadian Government and their aligned objectives we will be able to
accelerate the development of new and innovative plant based
products.
In 2018, the GOC launched the Bioplastics Challenge to support
the development of new technologies to improve the compatibility of
bioplastics with home and municipal composting systems. This
initiative reflects Canada's
commitment to the Ocean Plastics Charter, signed by 26 nations with
the aim of developing a more sustainable approach to the management
of plastics. The challenge was made under the GOC's Innovative
Solutions Canada ("ISC") program, with over $100 million dedicated to supporting the scale-up
and growth of Canadian businesses.
NEXE was awarded Phase 2 funding to develop plant-based and
fully compostable Nespresso-Compatible coffee pods from
bioplastic and wood fibre. This project was recognized for its
potential to improve the compostability of bioplastics and to
substantially reduce plastic waste.
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 existing major
single-serve coffee machines. The proprietary NEXE pod is designed
to reduce the significant environmental impact caused by
single-serve pods (+40 billion plastic pods discarded every year).
With over $30M raised (equity and
government funding) to date 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.
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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, 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.
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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SOURCE Nexe Innovations Inc.