NEXE innovations is a public listed company on the Toronoto Stock Exchange that is becoming known for their plant-based alternatives to single-use plastics. One of those applications is the growing market for compostable coffee pods that they say will offer a superior extraction compared to competitors.
The company got their Nespresso compatible pod manufacturing facilities working at the end of December 2020, and hopes to start selling their pods to businesses in Q3 2021.
The company lists their advantages as:
Compatible with the leading single-serve coffee format machines (we believe this means the original Nespresso format)
Non-toxic in soils
Fully compostable in as little as 35 days
5 years of science-backed testing
More volume capacity vs standard single-serve capsules
Meets key requirements for certification as compostable in both North American and European markets
Engineered to give among the highest extraction and volume of coffee against other compatible competitors
NEXE Innovations’ share price seems largely unaffected by the announcement.
The company issued a press release below:
NEXE Innovations Inc. (“NEXE” or the “Company”), a leader in plant-based materials manufacturing, is pleased to announce that it has been awarded a $300,000 grant from the Province of British Columbia (BC), Canada under the BC Ignite Program. This funding will support the Company’s research and development into new plant-based compostable materials in collaboration with The University of British Columbia (“UBC”), and the commercialization of its single-serve beverage pod products.
“We are appreciative of this support from the Government of BC, which reflects its commitment to supporting disruptive companies in the cleantech space,” said Ash Guglani, President of NEXE. “This grant, combined with the recent Innovative Solutions Canada CDN$1 million award from the Government of Canada further validates NEXE’s global expertise in biopolymer technology and supports our vision of eliminating single use plastic across the globe.”
“We’re excited to help supercharge game-changing innovation. Past winners have solved billion-dollar market problems that companies like Goodyear have tried to solve for 50 years.” said Raghwa Gopal, President + CEO, Innovate BC
“Innovation is one of the pillars of economic growth and will become increasingly important as we rebuild from the impacts of COVID. These companies are producing breakthrough technologies that will help protect the environment, stimulate the economy, and benefit people’s lives.” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation
NEXE is also pleased to announce that it has now received approximately $8.5M from warrant exercises to date in addition to the CDN$14.2M that the Company raised in its December 2020 financing. The company is fully funded to fulfill its projected capital requirements for the next 12 months as it scales up manufacturing of its compostable single-serve beverage pods.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a leader in plant-based compostable technology and advanced materials manufacturing based in British Columbia, Canada. The company has developed one of the only patented, fully compostable, plant-based, single-serve coffee pods for use in leading single-serve coffee machines. The proprietary NEXE pod is designed to reduce the significant environmental impact caused by single-serve pods, >40 billion of which are discarded every year. With over $35M raised to date from equity and government funding and over five years of R&D, NEXE is well-positioned to meet the growing demand for environmentally friendly and sustainable products in the single-serve coffee sector and beyond.
