EnWave Corporation announced that it has received a purchase order for a 10kW Radiant Energy Vacuum (REV) machine (the REV Equipment) from Consulting Fresh Business S.L. (Fresh Business) to accelerate the development of commercial food, nutraceutical, and cosmetic products in Spain using EnWave's technology. EnWave previously signed a Research and Development License Agreement (the R&D License) with Fresh Business on January 13, 2021, at which time a non-refundable deposit was paid to EnWave for the REV Equipment. Fresh Business has assigned the R&D License to a newly formed subsidiary, NEOREV INNOVATION S.L. (NEOREV), and completed the purchase of the REV Equipment to accelerate research and development on new products in collaboration with industry partners in Spain.
Fresh Business d.b.a. NEOREV intends to forge close partnerships with Spain-based technology hubs and innovation centers to leverage EnWave's patented REV technology for the development of new commercial opportunities. The installation of the REV Equipment in Spain will enable industry innovators to expedite the commercialization of leading-edge, premium applications using the EnWave technology. Fresh Business intends to partner with selected technology centers that will provide research and development services to demonstrate the value proposition of REV technology.
Fresh Business expects to complete the installation of the REV Equipment at a technology innovation center in Spain in the coming months, which will increase the visibility of REV technology among potential new EnWave partners and will serve as another European hub for proof-of-concept trials on new product applications.