Bay Point Advisors provided a $10 million line of credit to Reveam, formerly ScanTech Sciences. This is a follow-on transaction to a $5 million term loan provided in 2019. Reveam recently received USDA certification at its McAllen, TX facility for use of its proprietary electronic cold-pasteurization technology to treat fruit and produce flowing through Texas border crossings along the Rio Grande Valley. This chemical-free, heat-free process eliminates harmful pests and deadly pathogens while extending shelf life at the peak of freshness.
Reveam CEO Dwayne House said the certification represents the next stage in the company’s growth. “Achieving USDA certification is a credit to all members of the team who have dedicated so many hours to the pursuit of safer and better tasting fresh fruit and produce,” House said. “I’m proud of the pioneering work our team and technology has achieved and look forward to a safer, healthier and more sustainable future. Now is the time to scale our commercial operations and accelerate growth.”
“We are excited to support Reveam as they commence commercial operations,” Mitchell Dagley, Bay Point Advisors, said. “We believe this technology will replace dangerous chemicals and outdated treatment methods in treating fruits and produce crossing the U.S.-Mexico border.”
