About a third of all food produced is lost or wasted yearly. Besides painting a grim picture of world hunger, this is also responsible for harmful emissions.
Tackling food waste, global biotech company Zoono (ASX: ZNO) has teamed up with England-based hygiene tech company OSY to distribute a tech that boosts the shelf-life of produce.
OSY has confirmed that it has signed its first major supermarket chain as a customer. This will count towards OSY’s achievement of its minimum sales benchmark (for the first 12 months) for the UK of $2.3 million. Zoono and OSY now have two years of data and trial results that can be shared with new prospects worldwide.
Last month, Zoono announced that it had entered into an Exclusive Agency Agreement with the OSY Group to promote the sale of Zoono products in the food supply chain sector. The agreement provided OSY with exclusivity in that sector in the UK, Europe, and the rest of the world (ROW), excluding China and India. In return for that exclusivity, OSY agreed to a series of minimum sales benchmarks for the UK, Europe, and ROW.
Zoono will pay OSY a 25% commission on all net sales (excluding freight and local taxes) and a 50% commission on the differential price per litre rate above the base rate.
For over two years, Zoono and OSY have been working in conjunction with a premium UK supermarket chain and a leading UK soft fruit supplier to deliver shelf-life extension technology to reduce food waste within the chain’s supermarkets.
The duo has developed a unique application technology coat allowing Zoono products to be applied efficiently and efficaciously during the production process to the surface of the packaging materials used for soft fruits. The process does not result in any degradation in the effectiveness of the Zoono products. The shelf-life of the packaged product is enhanced without compromising compliance with all relevant food contact, quality, and safety regulations and standards.
The food shelf-life extension trials showed that soft fruits in packaging treated with Zoono products can have a shelf life of up to 40% longer. For certain food categories, a one-day shelf-life extension can reduce waste by half.
Zoono is a global biotech company that develops, manufactures and distributes a suite of antimicrobial solutions. It produces sprays, wipes, and foams for skin care, surface sanitisers, and mould remediation treatments. The products are based on the ‘zoono molecule’, an antimicrobial molecule that bonds to any surface and kills pathogens, including bacteria, viruses, algae, fungi and mould.
In H1 FY24, Zoono’s revenue declined by 64.9% to $596.9k from $1.6m in PCP as a result of lower sales. It recorded a loss of $5.4 million, down from a profit of $1.1 million. The OSY partnership is expected to give Zoono’s finances a much-needed leg up.
OSY’s minimum annual sales benchmarks for Europe will be triggered once quarterly sales for Europe exceed $367k and for the ROW once quarterly sales for the ROW exceed $920k.
Alinda is a Business Reporter for The Sentiment
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1 Comment
Shraddha13
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Replyhttps://www.360iresearch.com/library/intelligence/kitchen-food-waste-disposal-machine