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NEXE Announces Commercialization Plans for its Fully Compostable Nespresso®-Compatible Pod
Vancouver, BC, Feb. 11, 2021 /PRNewswire/ - NEXE Innovations Inc. ("NEXE" or the "Company") (TSXV:NEXE), is pleased to announce that the construction of its proof of concept Nespresso Coffee Automation Line is now complete. NEXE's manufacturing partners began factory testing the machine with the company expecting to take delivery of the machine on time and on budget in Q1 2021. NEXE recently announced two milestone developments for its fully compostable Nespresso-compatible project including the Cdn$1 Million ISC grant victory supporting the commercialization of its NEXE Nespresso-Compatible Pods (see January 14, 2021 announcement) and successful composting results (see December 30, 2020 announcement).
This customized Nespresso Coffee Line is the last piece required for the company to commission and launch its fully compostable Nespresso-compatible pod in early Q3 2021. The automation demonstrates that NEXE's proprietary materials can be assembled at production speed proving scalability. Moving forward, this will form the basis for NEXE to order an additional scaled machine which, will increase production capacity to an anticipated 50 Million of NEXE Nespresso-Compatible pods by the end of 2021.
Ash Guglani, President, stated, "Receiving this Nespresso Coffee Line will provide an additional revenue stream outside of our current XOMA product offering and helps us significantly increase our production abilities in a phased approach. Furthermore, it shows that NEXE, based on its five years of R&D has the ability to transfer its IP across multiple single serve formats, increasing our potential product offering. We continue to strengthen our IP portfolio with patent filings related to this product. We remain steadfast in our pursuit to provide consumers with fully compostable alternatives in the 50 billion single serve coffee capsule market."
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.
Source Nexe Innovations Inc.
Ash Guglani, President and director; Kelsey Letham, Investor Relations at 604-359-4731, or visit: nexeinnovations.com and xoma.ca