HeatGenie moves closer to consumer launch
The company, which is based in Texas, has received a letter of intent from a European food and beverage brand to license the HeatGenie self-heating technology and purchase up to five million self-heating packages.
In a newsletter the company said: “The letter of intent signifies the beginning of an important phase of revenue growth for us. While HeatGenie technology is in active evaluation by a number of multi-national food and beverage companies, the best way for us to get to early market experience is to launch with a more nimble, smaller brand. Working with a dynamic, innovative brand in Europe is also a good way to launch this new technology and will build the interest and confidence of the larger brands. We continue to invite participation of additional regional brands wanting to offer the differentiation and convenience of self-heating.”
HeatGenie has a development agreement with can maker Crown Holdings. Both companies have been developing the self-heating package for a little over a year and plan to have fully functional samples available to food and beverage companies interested in testing the technology this year. Full-scale production is expected in 2013.
The newsletter continued: “To date, HeatGenie has sold small quantities of heated packages to the US Army for evaluation and built the heaters in their Austin laboratory. An order of up to five million units will compel a large scale manufacturer to make the necessary capital investments. With this letter of intent, HeatGenie can now finalise negotiations with its large scale manufacturing and packaging partners to bring this game-changing technology to the consumer packaged goods industry.”
HeatGenie is a self-heating packaging component for use in food and beverage products that integrates into the bottom of the package.