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Tuesday, 12/14/2021 9:34:51 AM

Tuesday, December 14, 2021 9:34:51 AM

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EnWave and PiP International Inc. Sign Technology and Evaluation License Option Agreement to Develop Best-in-Class Pea Protein Isolate Products
GlobeNewswireDec 14, 2021 9:00 AM EST
VANCOUVER, British Columbia, Dec. 14, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a Technology Evaluation and License Option Agreement (the “Agreement”) with Protein Isolate Plant International Inc. (“PIP International”) to evaluate the potential commercial use of the Company’s Radiant Energy Vacuum (“REV™”) dehydration technology in their large scale yellow pea wet fractionation processing facility. During the limited evaluation term, PiP International has exclusive rights to evaluate the Company’s patented REV™ drying technology for pea protein isolate and derivative products globally.

During the term of the Agreement, PiP International will lease a 10kW REV™ machine for intensive product development at its commercial testing processing facility in Lethbridge, Alberta. If commercially viable pea protein isolate applications are developed under the Agreement, PiP International will look to purchase large-scale REV™ machinery to commence commercial production to fulfill the growing demand for pea protein isolate and derivative products.

This Agreement marks the first time EnWave has formally engaged in an evaluation for this area of product development. PiP International’s pea protein isolate products will be used as a food ingredient with a neutral taste, high solubility and functionality. This protein could be used with current applications as well as in dairy alternatives and to replace or increase the protein content in iconic brands. Pea proteins are often useful ingredients to provide structure to gluten-free foods or improve texture as well.

Demand for high-quality pea protein isolate and its derivative products has increased dramatically in recent years with the popularization of plant-based diets and increasing consumer awareness regarding nutritional benefits offered by pea and pea proteins. These are the key factors that are projected to drive the growth of the pea protein market worldwide, which is expected to increase at a compound annual growth rate (CAGR) of 12% and achieve sales revenue of $1.4B USD globally by 2025. 1