HeatGenie and EnCanSol Capital Corporation Sign Deal for Licensed Manufacturing of New Self-Heating Technology
Self-heating technology developer HeatGenie announced today that they have signed a memorandum of understanding with EnCanSol Capital Corporation (EnCanSol) to become the first licensed manufacturer of the HeatGenie self-heating technology. The companies anticipate a definitive agreement to be signed in the coming months.
HeatGenie is a self-heating component that integrates into the bottom of packaging and, with the simple push of a button, heats a 10 oz portion of coffee, hot chocolate or soup to 145° Fahrenheit in two minutes.
The memorandum of understanding signifies an important phase of development for the company. To date, HeatGenie has sold small quantities of heated packages to the US Army and built the heaters in their Austin laboratory.
“HeatGenie technology is in active evaluation by a number of Multi-National food and beverage companies and we have a letter of intent from a regional brand to purchase the first several million units. However, HeatGenie is in the technology development and licensing business, not manufacturing,” said Rosemary Whaling, Vice President Business Development. “EnCanSol is experienced in producing portable energy products in a cost effective manner and, once capital is in place, has the capacity to begin production in 2013.”
According to Wayne Hartford, Chief Executive Officer of EnCanSol, “The HeatGenie product is an exciting new technology that fits seamlessly into our capabilities as a manufacturer of portable energy storage devices. We see the potential for HeatGenie to significantly increase our capacity utilization and help fuel our future growth.”
With the addition of a manufacturing partner, HeatGenie will work with its packaging development partner, Crown Holdings, Inc. (NYSE: CCK) (www.crowncork.com), to bring this game-changing technology to consumers starting in 2013.
Established in 2007, EnCanSol Capital Corporation is a company focused on emerging, clean energy storage technologies. EnCanSol owns world-wide rights to the patented Rechargeable Alkaline Manganese (RAMcell) flat plate battery technology. For more information visit: www.encansol.com.
HeatGenie™ has pioneered a safe, patent-pending, self-heating technology that can easily integrate into multiple forms of consumer packaging to heat food and beverages “on the go.” For more information visit: www.heatgenie.com.