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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.
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.
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