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NEXE Innovations wins $1 million award from the Canadian government

The company said the award will support the high-speed manufacturing of NEXE Nespresso-Compatible pods following the announcement of best-in-class composting results last week

NEXE Innovations Inc - NEXE Innovations wins $1 million award from the Canadian government
Nexe CEO Darren Footz said the award 'helps validate' the firm's R&D efforts 'over the last five years in developing a fully compostable pod for both Keurig K-Cup and Nespresso-compatible brewing systems'

NEXE Innovations Inc (CVE:NEXE) (OTCMKTS:NEXNF) (FRA:NX5), a leader in plant-based compostable technology and advanced materials innovation, announced Thursday that it has been awarded a $1 million grant from the Government of Canada 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,” said the company.

READ: NEXE Innovations launches its new in-house brand XOMA Superfoods

In a statement, NEXE Chief Scientific Officer Dr Zachary Hudson said: "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."

In 2018, the Canadian government 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 countries 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,” said the company.

"We are honoured to receive this award from the Government of Canada," said Nexe Innovations 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.”

The Canadian 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 NEXE pod is designed to reduce the significant environmental impact caused by single-serve pods. According to the company, more than 40 billion plastic pods are discarded every year.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Price: 3.11 CAD

TSX-V:NEXE
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