12:05 PM EDT, 05/22/2024 (MT Newswires) -- EnWave ( NWVCF ) on Wednesday said it signed an equipment purchase agreement with a current royalty partner that has licensed the company's Radiant Energy Vacuum (REV) dehydration technology.

EnWave ( NWVCF ) received a non-refundable deposit for the acquisition of a 120kW REV dehydration machine that is intended for start-up in 2024 but did not disclose the value of the sale.

The partner is commercializing its own branded snack products, and is also working with several major consumer packaged goods companies to develop and co-manufacture a number of new snack and ingredient products. If these opportunities are confirmed, the royalty partner expects to fully utilize the manufacturing capacity of the 120kW REV machine within the first year of operation.

EnWave ( NWVCF ) said it is "well advanced" on a number of similar opportunities to prospectively confirm additional large-scale REV machine sales this fiscal year.

The company's shares were last seen up $0.005 to $0.26 on the TSX Venture Exchange.

Price: 0.26, Change: +0.01, Percent Change: +1.96