Windsor’s NEXE Innovations Inc. has sold its Surrey, B.C. facility for $5.7 million.
According to a news release, the facility was bought in June 2016 for $1.37 million. NEXE spent a total of $2.4 million on the facility, including improvements.
“At the time of the sale, the Surrey facility was debt-free,” reads the release. “NEXE has a solid cash position of over $10 million as of Q3 2024 and the additional proceeds of $5.7 million will be invested in operations, sales and marketing.”
NEXE is a manufacturer of fully compostable materials. The Surrey location was used for creating compostable coffee pods.
The sale was made in an effort to create compostable coffee pods that perform just as well as plastic and be competitive in pricing.
Operations have now been integrated with its Windsor facility and it has “advanced manufacturing technology.”
“We believe our move to re-shore all of our operations …