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EnWave signs commercial license with Hormel Foods

Canadian industrial technology company EnWave has signed a royalty-bearing commercial license with US-based Hormel Foods, under which its nutraDRIED trademark will appear on the retail packaging of products from Hormel Foods.

The license will also enable the production and sale of specific products dehydrated with the company’s radiant energy vacuum (REV) technology.

Under the License, the companies have also agreed to long-term royalty rates and broader global market rights.

EnWave is leasing a pilot-scale nutraREV production unit to Hormel Foods, which is expected to be fully operational in the summer of 2013.

Based on test efforts, the companies agreed on general commercial equipment designs and financial terms with plans to place a commercial-scale equipment order by the first half of 2014.

EnWave chairman and Co-CEO Dr Tim Durance said, "The planned product launch by Hormel Foods represents another important market segment opportunity for our REV™ technology."