EnWave signs first US based royalty agreement for industrial drying tech

EnWave Corporation (TSX-V:ENW | FSE:E4U) has signed a royalty-bearing commercial license agreement with Electric Farms LLC, a Tennessee based hemp cultivation facility.

The license agreement grants Electric Farms the right to use EnWave’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology for the drying of industrial hemp in Tennessee.

This is the first licensing agreement granted in the United States by EnWave for its REV™ technology.

EnWave said in a release the the agreement, “establishes a foothold for further expansion of EnWave’s technology for the drying of hemp in the production of smokable hemp products and hemp oil extracts.”

With the passage of the Farm Bill in 2018 the cultivation of hemp is quickly becoming one of the most prevalent agricultural crops nationwide.

Under the terms of the royalty agreement, Electric Farms will pay EnWave a usage-based royalty.

The royalty amount is based on the weight of hemp plant material dried using the REV™ machine.