VANCOUVER, BRITISH COLUMBIA - 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 $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.”
The BC Ignite program is part of the Government of British Columbia’s strategy to help companies to grow, create jobs, and commercialize new technologies in BC. In addition to providing funding, Innovate BC’s mandate is to build the capacity of BC companies to access global markets and attract new investment. NEXE was one of three winners of Round 9 of the BC Ignite Program.
“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 $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.