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Dehydration technology company EnWave Corporation (TSX-V:ENW) has signed a Technology Evaluation and License Option Agreement with Goldencrops Corporation, a Southeast Asian food ingredient manufacturer. Taiwan-based Goldencrops specialises in instant nutritional drinks and instant cereal and is keen to evaluate the commercial use of EnWave’s proprietary dehydration technology to produce a variety of fruit, dairy and grain products.

Vancouver-based EnWave has developed Radiant Energy Vacuum, a proprietary technology for the precise dehydration of food and cannabis applications. The technology provides a rapid, low temperature drying method which can be used to dry food, in pharmaceuticals and for the cannabis industry.

Why is global demand for dried foods picking up?

Over the next five years, the global dehydrated food market is expected to grow at 4.8% per year. Some of this growth has been helped by the change in consumer habits as Covid prompted retail buyers to start crisis-stocking of food while at the same time paying more attention to the nutritional value of food.

There has been increased demand for dried sources of protein, such as dried meats and other protein products. At the same time, climate awareness and the popularity of plant-based foods has also sparked an increase in demand for vegan and plant-based freeze-dried food products. In the US the supermarkets are increasingly interested in offering shelf-stable dried food products but this trend is also visible in other parts of the globe, not least in Asia.

How will Goldencrops make use of EnWave’s technology?

Under the technology agreement with EnWave, Goldencrops plans to rent a 10 kiloWatt REV machine to use for intensive product development at its manufacturing facility in Douliu, an industrial hub for food production in Taiwan. If the company goes on to develop commercially viable ingredients during the period of the agreement it will buy the REV machinery to start producing at a commercial level at its Yunlin Science and Technology Plant.

The Asian food group currently operates large-scale dehydration, milling and packaging facilities for its product portfolio that includes a wide range of plant-based food and ingredient products. The REV technology will enhance its commercial ingredient processing capabilities. Goldencrops is looking to leverage EnWave’s proprietary dehydration technology to expand its dehydrated ingredient product offerings for domestic and international markets.

The Asian drinks and cereal producer forged partnerships cooperating in technology with numerous large local and international manufacturers and is focused on continuously improving its offering of high-value products. The company exports world-wide including to Japan, the US, Mainland China, Australia, New Zealand, Hong Kong, Indonesia, Malaysia, and Vietnam.

Comprehensive intellectual property portfolio

The expansion of EnWave’s global REV technology footprint into Southeast Asia further proves the significant value proposition for food producers seeking to launch new and innovative premium ingredient and snack food applications. EnWave has developed a comprehensive intellectual property portfolio with patents granted in numerous international markets and has licensed REV technology to more than fifty companies in twenty-one countries worldwide.

Separately, in March, EnWave also started operating its state-of-the-art vacuum-microwave toll drying facility, REVworx providing services to produce high-quality, vacuum-microwave dried snacks and ingredients. The innovative idea behind REVworx is that food manufacturers will not only be able to create new food ingredients but the facility will also make it possible for growers to salvage and process imperfect produce and reduce overall food waste.

Related

Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Graeme Andrew

Graeme Coles-Andrew

Graeme is Head of Technology at the Armchair Trader. He has worked in online financial investment publishing since 2000 as a website developer, advertising operations manager, data scientist and all-round go-to guy for online technical solutions.

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