EnWave and PiP International Inc. Sign Technology and Evaluation License Option Agreement to Develop Best-in-Class Pea Protein Isolate Products

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 high-volume pea isolate protein manufacturing process. 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 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 fulfil the growing demand for pea protein isolate and derivative products.

This Agreement marks the first time EnWave has formerly 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 that could be usedin dairy alternatives and to increase the protein content in smoothies and shakes. 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

1 https://www.globenewswire.com/en/news-release/2020/11/13/2126530/0/en/Global-Pea-Protein-Market-
Size-Share-Will-Reach-USD-1450-Million-by-2026-Facts-Factors.html

About PiP INTERNATIONAL

PiP International is a Canadian-based food manufacturer that specializes in producing the ultimate pea protein. They are dedicated to the expansion of alternative protein solutions on a local and global level. Their team of food industry experts bring decades of design, operations, and business acumen to this first of its kind greenfield project.

PiP is disrupting the plant-based industry with their premium pea protein isolate called UP.P. They are receiving unprecedented results compared to anything yet developed in plant-based proteins with UP.P transcending across unlimited product lines with unparalleled ease as it is effectively and easily optimized for all plant-based product development.

PiP International is now aiming to speed its sustainability goals, determined to adapt and adopt sustainable practices across all of its business functions right from farm to end consumer level. They own the rights to a revolutionary new wet fractionation process for the highest functioning plant protein from peas, resulting in 30% less water use than traditional methods.

For more information about PiP International, please visit: pip-international.com.

About EnWave

EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of food and cannabis applications. EnWave holds a robust intellectual property portfolio protecting several unique processes relating to specific food applications produced using vacuum-microwave technology.

REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with innovative, disruptive companies in multiple verticals for the use of REV™ technology. It has signed over forty-five licenses to date in twenty countries worldwide. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market, and sell REV™-dried snack products in North America, including the Moon Cheese ® brand, as well as co-manufacture for third parties.

EnWave has introduced REV™ as a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently offers two distinct commercial REV™ platforms:

nutraREV ® which is a drum-based system that dehydrates organic materials quickly and at low cost, while maintaining high levels of nutrition, taste, texture, and colour; and,
quantaREV ® which is a tray-based system used for continuous, high-volume low-temperature drying.

EnWave is also active in the pharmaceutical industry through a joint development agreement with GEA Lyophil, a leader in GMP drying machinery.

More information about EnWave is available at enwave.net.