NEXE Innovations Inc (CVE:NEXE) (OTCMKTS:NEXNF) (FRA:NX5), a leader in plant-based compostable technology and advanced materials innovation, on Wednesday announced the expansion of its research, development and manufacturing facility in Surrey, British Columbia.
In a statement, the Vancouver-based company said it will be doubling its footprint from its existing about 10,000 square foot to around 20,000 square foot. The expansion will include increased space for laboratories, factory floor and offices.
“Our company is poised for immediate growth in production capacity, research activity, and personnel,” said NEXE Innovations CEO Darren Footz.
“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.”
The new space consists of more than an 8,000 square foot production floor and roughly 2,000 square foot of office space to be used as an innovation center for current and new product development. This plant expansion will house key equipment for manufacturing of the company’s compostable beverage pods in both K-Cup and Nespresso formats. NEXE will also use the space for order fulfillment, as part of the launch of XOMA Superfoods.
“Our research and development center will be fully integrated as part of this facility,” said NEXE Chief Scientific Officer Zachary Hudson. “Our product engineering team will be able to rapidly prototype new product designs in the labs by additive manufacturing, and immediately deploy those innovations on the production floor.”
NEXE indicated that it will take possession of the additional manufacturing space on February 1, 2021, with planned expansion into additional offices on March 1 2021.
The Canadian company has developed one of the only patented, fully compostable, plant-based, single-serve coffee pods for use in existing major single-serve coffee machines. The NEXE pod is designed to reduce the significant environmental impact caused by single-serve pods. According to the company, more than 40 billion plastic pods are discarded every year.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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