Toronto, Canada, November 18th, 2024, FinanceWire
Beyond Oil Ltd (CSE: BOIL) (OTCQB: BEOLF) is rapidly making a name for itself in the food oil industry by offering a revolutionary solution that addresses health and environmental concerns while reducing costs for its customers. The company’s innovative powder extends the lifespan of cooking oil, removes harmful toxins, and enhances food quality. In 2024, Beyond Oil has achieved several notable milestones, reinforcing its presence in the food-tech sector. The company’s market performance has reflected positive reception, with its stock showing an increase of nearly 200% since the beginning of the year.
Today, the company announced that it had secured additional funding of C$1.77 million through warrant exercises. This is on top of previous funding rounds already announced this year. This funding reflects a strong vote of confidence from Beyond Oil’s stakeholders, particularly Canadian strategic partner West Coast Reduction Ltd. (WCRL), which serves as both an investor and distributor. According to CEO Jonathan Or, this level of support from distributors and customers, who are also financial backers, demonstrates deep trust in Beyond Oil’s market potential and innovative technology.
The relationship between Beyond Oil and its strategic partners goes beyond traditional distribution agreements. WCRL, a major player in recycling and sustainability, aligns closely with Beyond Oil’s mission to improve health outcomes while promoting environmental sustainability. This synergy has enabled the company to expand its commercial operations in Israel and Canada, with plans to scale its presence in North America and Europe. Moreover, as recently announced, the company is successfully expanding into new markets including Asia and Eastern Europe, reflecting its ongoing efforts to broaden its global presence.
Beyond Oil’s powder removes harmful compounds such as acrylamide and trans fats from frying oil, which reduces exposure to carcinogens for both consumers and kitchen staff. Kiesman highlighted that the product also cuts down on waste and improves the taste and quality of fried food, resulting in lighter, crispier meals that aren’t soaked in old, dirty oil. These benefits have not only caught the attention of regulators but also driven demand from restaurants and industrial frying facilities.
In a recent interview, Vice President Robert Kiesman described the company’s origins, explaining that Founder and President Michael Pinhas Or developed the technology after a personal health issue sparked his interest in improving food oil quality. Or spent years conducting experiments in his backyard shed, ultimately creating the powder that serves as the backbone of Beyond Oil’s success. His commitment to the venture is evident—Or has invested much of his family’s fortune into the company. This personal stake underscores the faith its leadership has in the transformative potential of Beyond Oil’s product.
Beyond Oil’s potential to transform the food oil industry extends beyond its immediate financial and operational achievements. The company addresses urgent global concerns, including health risks associated with reused cooking oil and environmental issues stemming from oil production and waste. By reducing the need for frequent oil replacement, Beyond Oil’s technology minimizes the resource demands of oil manufacturing, transportation, and disposal.
Beyond the restaurants and food service industry , The industrial frying market represents a significant potentially multi-billion dollar growth opportunity for Beyond Oil. According to Kiesman, the company has conducted pilot programs with large North American corporations, and feedback has been positive. Multinational companies have reported reduced oil consumption, better food flavor, and decreased smoke and steam in their operations. Beyond Oil has also signed a letter of intent with a multinational company specializing in filtration systems, signaling progress toward deeper integration into large-scale industrial operations.
Looking ahead, Beyond Oil Beyond Oil has the potential for continued growth if it continues to expand into these new markets and refine its product for large-scale industrial use. The company’s focus on innovation, coupled with its strong financial backing and strategic partnerships, supports its position as a potential leader in the food-tech sector.
As Kiesman noted in a recent interview, Beyond Oil’s appeal is universal. “Everyone, no matter where they live, eats fried food,” he said, emphasizing the broad relevance of the company’s product. This global applicability, combined with its ability to save businesses money while offering tangible health and environmental benefits, makes Beyond Oil a standout player in a competitive market.
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