VANCOUVER, BC, Jan. 14, 2021 /PRNewswire/ - 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'sPlastics 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'sInnovative 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.
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.