I-Tech Partners with Paint Manufacturer

MONDAY, DECEMBER 4, 2023


Developer of antifouling biotechnology I-Tech AB recently announced that it has partnered with International Paints Korea Ltd., a subsidiary of AkzoNobel, for commercial use of its barnacle-repelling antifouling agent.

According to a release from the company, the new licensing agreement is specifically meant for the South Korean market, where Selektope is expected to be launched in six to 12 months.  

I-Tech AB states that Selektope will now be used by a total of six large paint manufacturers, supplying paint to the South Korean shipbuilding industry.

Additionally, in the second quarter of this year, I-Tech reported total sales of over 32 million SEK (about $3 million) in South Korea, which was an increase of 147% compared to the same quarter of 2022.

The release states that South Korea is one of the world’s largest shipbuilding nations, making up for a large share of the total annual production. During the first part of 2023, South Korean shipyards reportedly received 29% of all orders for new ships.

“The agreement once again proves Selektope´s very strong position in the global antifouling industry. That we deliver our substance to so many of the paint manufacturers active in the South Korean market is a very good testament to our product and something that benefits our continued global expansion,” says Philip Chaabane, CEO of I-Tech AB.

I-Tech states that Selektope has proven to be successful in mitigating marine fouling from barnacles on ships. Earlier this year, it was able to show that the hospital ship Global Mercy remained free from barnacle growth even after sitting for 22 months in warm waters.

   

Tagged categories: AkzoNobel; Antifoulants; Asia Pacific; Biocides; Business matters; Business operations; Coating chemistry; Coating Materials; Coating Materials; Coatings; Coatings Technology; EMEA (Europe, Middle East and Africa); I-Tech; Latin America; Marine; Marine; Marine Coatings; North America; Partnerships; Program/Project Management; Protective Coatings; Ships and vessels; Z-Continents

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