The plant-based manufacturing company has met its funding goals for the next 12 months and will begin expanding production.
Plant-based manufacturing company NEXE Innovations is currently working on scaling the production of its fully compostable beverage pods by the end of this year. So far, the company has successfully patented plant-based single-serve coffee pods that can be used in Nespresso coffee machines. It is hoping to increase production capacity to approximately 50 million pods before the commercial rollout by the third quarter of 2021.
The NEXE pod is capable of composting within 35 days and is currently one of the few plant-based products that are utilizing advanced material manufacturing and automation in development. The company recently began factory testing pod production to simulate the automation process and determine scalability. According to its findings, the proprietary materials are capable of being assembled at production speed, which suggests that they can be scaled up later on. NEXE shares that it already has plans to order another scaled machine.
The company achieved another milestone this month when it sold out the initial inventory during its pilot launch through its XOMA Superfoods online store. Stored inside the pods were its micro-ground soluble coffee with medium-chain triglycerides (MCT) oil. NEXE also intends to expand its superfoods offering along with the compostable pods.
NEXE Innovations recently received a grant of $300,000 from the Province of British Columbia through its BC Ignite Program, which aims to support the growth of local companies and the development of new commercial technologies. This will fund the company’s future research and development plans as it works toward commercializing the compostable pods.
“We are appreciative of this support from the Government of BC, which reflects its commitment to supporting disruptive companies in the cleantech space,” shared 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 company currently has $8.5 million in grants and awards along with the $14.2 million it raised during a financing round toward the end of 2020. NEXE shares that it has now fully met its projected capital requirements for the subsequent 12 months. The company will be expanding its manufacturing facility in Surrey, British Columbia from 10,000 square feet to 20,000 to house new equipment. CEO Darren Footz shared the company’s excitement about its direction.
“Our company is poised for immediate growth in production capacity, research activity, and personnel,” he said. “This expansion will accelerate our product development pipeline and allow us to rapidly increase our capacity for high-speed manufacturing. By adding the space adjacent to our current facility, we will be able to efficiently integrate the various aspects of our business and continue our progress across the board.”
For more information, visit https://nexeinnovations.com/.
