I-Tech, Lean Marine and PowerCell host virtual industry discussion on safeguarding global fleet efficiency in the post-pandemic era

Global transportation sectors continue to suffer the effects of the measures enforced by governments worldwide to minimize the spread of COVID-19. As and when the international shipping industry sails into the post-pandemic era, the optimization of vessel efficiency will play a crucial role in ensuring the commercial buoyancy of ship owning companies.

Recovery will not be instantaneous. Therefore, maintaining a financially and environmentally sustainable business will be a bigger challenge than ever before. Reducing polluting gaseous emissions in-line with stringent targets set by the IMO will remain high on the agenda. There is reason to believe that the pandemic will further increase demands from environmentally conscious customers on the industry. As such, the operation of cleaner, greener ships with superior fuel efficiency will be required. This means that ship operators will need to maintain any reduction in excess fuel consumption and emissions not only in the short-term during the current unpredictable times, but also in the long-term, when the markets are better and more predictable.

Beating the barnacle

While the COVID-19 pandemic has put many sectors of the industry in ‘time-out’ mode, the same cannot be said for biofouling. For the thousands of marine species that like to make ship hulls their home, the global pandemic has no limiting effect. In fact, for those organisms who can only attach to ships when they are idle, such as barnacles, the housing market is booming.

A great number of tankers are currently at anchor operating as off-shore storage and container shipping is suffering decreased cargo volumes leading to void sailings and suspension of services. Cruise ships are sat idle waiting for No Sail Orders to be lifted and ferries are docked with no passengers to transport. The majority of these ships are anchored in coastal regions and exposed to high densities of barnacle larvae, facing exceptional risk of suffering from fuel consumption and speed penalties when they set sail again. In a future where no one can predict when the next global shift will impact ship operations, how can ship owners safeguard their vessels against highly impactful barnacle fouling during extreme static conditions?

Going beyond digitalization

Digitalization will continue to play a vital role in enabling enhanced vessel safety, and operational and environmental performance. However, can ship operators achieve greater efficiencies immediately by going beyond digitalization for performance monitoring? Why should automation play a more integral role in shipping fleet? How could vessels be prepared to follow future AI integration?

Looking towards the zero-emission vessel

Halving the emissions of Greenhouse Gases (GHG) from commercial ships by 2050 will be no mean feat, but it’s not impossible. The suitability of hydrogen fuel cells means that they have the potential to make the global shipping fleet emission-free. Considering the long lifetime of ships, zero emission vessels may have to set sail as early as 2030. This means that this is a technology that should be high on the priority list for ship owners intending to meet IMO targets. Therefore, what do ship owners need to consider when analyzing whether hydrogen fuels cells are suitable for deployment on their vessels?

Discussion and debate at your desk

Since interactions between those who work ashore in the maritime industry remain limited to virtual communications and with events postponed until later this year or even early 2021, Swedish clean technology innovators Lean Marine Sweden AB, I-Tech AB and PowerCell Sweden AB joined forces to discuss and debate current market trends and the role that clean technology will play post-pandemic.

The Swedish clean tech trio focussed on antifouling coatings, propulsion optimization, digitalization, and marine fuel cells. An interactive Q&A session was also held at the end of the webinar for audience participation.

The webinar recording is 1 hour 30 minutes in length. 

I-Tech AB (publ) Interim report Q1 2020 published

Mölndal, May 8, 2020 – I-Tech AB (publ) (ticker ITECH) have published the interim report for the first quarter 2020.

Summary of the period

”A strong quarter despite uncertain times”

Net turnover for the period amounted to kSEK 13 525 (6 170), corresponding to an increase in turnover of 119% (62%). Operating profit/loss amounted to kSEK -984 (-4 435).

January to March 2020

·        In March, the leading Norwegian paint manufacturer, Jotun, launched two new marine paints based on I-Tech’s proprietary antifouling active agent Selektope®.

·        During March, Per Svensson was appointed Sales Director for I-Tech. Per comes most recently from Emerson Automation Solutions where he was Director of Global Sales and Aftermarket Marine Solutions.

·        In the beginning of the year, the ongoing COVID-19 pandemic led to a temporary production stop at shipyards, primarily in China, which are now back in production. Furthermore, restrictions have been introduced in India where I-Tech’s production and deliveries are based. The production stoppage at the shipyards occurred during a period of normal low demand for I-Tech’s products. So far, I-Tech has not been negatively affected besides an increase in delivery cost.

Important events after the period

·      No important events have occurred after the period

Financial Summary

All amounts in TSEK2020Jan-Mar2019Jan-Mar2019Jan-Dec2018Jan-Dec
Net sales13 5256 17045 57428 947
Operating result-984-4 435-7 019-13 625
EBITDA1 004-2 3781 220-6 392
Net result-532-4 4698 427-13 737
Operating cash flow296-573-4 763-11 945
Equity at end of period110 87698 512111 408102 981
Cash and cash equivalents at end of period38 99345 80238 94046 538

CEO comments

Although the first quarter was characterized by lockdowns in several key markets in Asia, we managed to increase our sales by 119 percent to SEK 13.5 million (6.2) compared with the corresponding quarter last year. The improvement is partly due to activities in key markets gaining momentum again in March, and partly because our customers expect relatively high activity in shipyards around Asia and the Middle East in the coming months. However, uncertainty about how the ongoing pandemic will develop and how it may affect the market for the rest of the year remain high. It is positive that the shipbuilding industry in China, Japan and Korea has returned to a fairly normal level of industrial activity, and that our largest customer, Chugoku Marine Paints, is optimistic and has managed to maintain production in important markets despite the circumstances. At the same time, from an operational perspective, it has been a turbulent time with, for example, the lockdown in India affecting our deliveries from sub-contractors. However, despite this, we managed to satisfy our customers’ demand and, although we experienced increased transportation costs, we managed to keep the gross margin up and on par with the same quarter last year. For the first quarter, the gross margin was 45% (44%) and operating activities again showed a positive EBITDA of SEK 1.0 (-2.3) million. The operating profit for the period was significantly improved and amounted to SEK -1.0 (-4.4) million, which means that we are approaching a positive operating profit in line with our plans.

Besides successfully navigating a challenging quarter, I am also very pleased that Jotun, the world’s leading marine paint manufacturer, announced during the period that the launch of two products containing Selektope®. With this launch, Jotun intends to offer the best possible protection against marine fouling on vessels with longer idle periods, especially during the outfitting period. The launch of the SeaQuantum Pro Ace and SeaForce Active Ace products means that Selektope® is used in two technology platforms at different cost levels, which opens up a wider customer base. The products will primarily be available in Korea and in China, where they are now being marketed. We hope to see rising demand as Jotun secures new business.

Three of the world’s largest paint companies have now officially launched Selektope®-containing products on the market. This contributes positively to our quarterly results. In addition, we have continued to supply an unnamed customer with approximately the same demand as in previous quarters. This means that we now have a good base on which to grow the business. The recruitment of our new sales director, Per Svensson, during the quarter will also help us to further develop our business and I-Tech’s commercial operations.

Although the year has started well financially, despite the challenges and concerns relating to COVID-19, the global pandemic continues to give rise to widespread uncertainty. As such, we are implementing some measures to mitigate potential downturns in the business climate. We have, for example, postponed non-businesscritical
investments and we are well on the way to securing our inventory to reduce the risk of supply interruptions due to further lockdowns.

Through establishing commercial relationships with four of the six largest paint manufacturers in the world, delivering a strong financial quarter and with sustained liquidity, I see good opportunities that we will navigate through the current situation in a good way and that we are well positioned when growth accelerates again.

Philip Chaabane, CEO
M: +46 73 910 37 08
E: philip.chaabane@i-tech.se

Blog: Coronavirus, Coatings and Carbon

Blog: Coronavirus, Coatings and Carbon

By Catherine Austin, Marketing Director – I-Tech AB

Way back in January this year, a time that seems like it was generations ago, shipping was facing up to a global, existential challenge – reducing its carbon emissions and the global climate emergency. The fateful day of January 1, 2020 had come and gone with less disruption than many had anticipated, with generally widespread availability of low sulphur fuel to meet the IMO’s global sulphur cap requirements, and fewer violations than expected. For a few months, shipping’s attention had firmly switched from the issue of tackling sulphur to carbon.

Fast forward three months and the shipping industry, along with all all global industry, is struggling with the impact of the ongoing COVID-19 pandemic. This too is delaying key regulatory progress that will support the industry’s endeavors to cut carbon. A key meeting of the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC) – which would have given more clarity and shape to the upcoming legislative framework for limiting shipping’s CO2 emissions – has been delayed. However, in the absence of IMO progression via MEPC, the EU has called for greater ambition in terms of limiting CO2 emissions from ship, demand that the shipping industry cuts its emissions by 40% by 2050 compared to 2018 levels, instead of 50% emissions reduction based on 2008 levels, which is the current baseline set by the IMO. Also, nations at the IMO are continuing to submit proposals that demand the scope of emission cuts are widened. One recent proposal submitted by the Clean Shipping Coalition and Pacific Environment called for 80% emissions cuts by 2030, a much sharper number than the IMO’s current 50% carbon reduction target.

Although negotiations at the IMO and the mechanisms by which carbon cuts will be enforced will not be resolved soon, one thing reigns true: even in the absence of regulatory mechanisms, societal pressures are forcing transport industries to prioritise carbon reduction. Therefore, even in a global crisis such as the COVID-19 pandemic, the reduction of carbon emissions still holds immense importance for all transportation industries.

Low carbon transportation pressures are catalysing technological innovation in the international shipping industry. This industry is welcoming a significant evolution in fuel saving, emissions reducing technologies that are ready for deployment or are fast emerging from the trial phase. While new low carbon innovation developments are extremely beneficial for the shipping industry, it is important not to forget that the industry already has a toolbox full of technologies that are instantly available to ship owners and operators that can deliver proven carbon emission reductions.

One major solution does not lie in the fuel tank, or the engine room or even at the vessel design stage, but below the waterline in the paint work. Antifouling coatings continue to be one of the oldest serving but fastest-evolving technologies in this industry, that have delivered commercial benefits for decades and now they are responsible for delivering serious emission cuts as well.

For as long as ships have been at sea, they have attracted a host of marine life to their hulls. This has a huge ramification in not only global marine ecosystems, through the potential inter-ecosystem movement of invasive aquatic species, but also on a vessel’s fuel use. One culprit that is responsible for a significant portion of ship emissions generated from biofouling present on the ship hull is the humble barnacle. While barnacles may have a small footprint, their effect on global shipping is huge. These crustaceans cost the shipping industry billions each year in excess fuel consumption and cleaning costs.

Identifiable to most people through their volcano-shaped house glued onto rocks, the highly mobile planktonic larvae of all barnacle species actively seek submerged surfaces on which to settle and construct their adult home from the moment they extrude their super strong glue. The bad news for the industry is that they can’t differentiate between a ship and a rock.

An often-cited metric is that a vessel travelling at 15 knots with a “small amount of animal fouling or weeds” on the hull will require 34% more power to maintain the same speed due to the added frictional resistance on the hull as it sails through water. More power requirement equals more fuel burnt. More fuel burnt equals more harmful gaseous emissions. If biofouling on the hull is not controlled, then ship fuel use may rise increase by as much as 80% and that means more carbon emissions too. 

In recent years global trade patterns have increasingly shifted to tropical/subtropical waters, fondly known by many as ‘biofouling hotspots’. Ships are spending an increasing amount of time at port or laying idle for periods of time in these high biofouling risk zones and that is when barnacles will strike, and these pesky crustaceans don’t need long to start settling. Adding to that, global warming is increasing the temperatures of the world’s oceans, widening biofouling hotspot zones. Therefore, barnacle fouling is also going to become more of a headache for any shipyards located in warmer waters.

To help ship owners tackle the barnacle biofouling problem and lessen its impact on ship performance, antifouling coatings that make use of advanced active agents such as Selektope®, to prevent the horrendous effect of barnacle fouling on fuel and emissions, will be essential. This unique biotechnology temporarily activates the barnacle larvae’s swimming behaviour using natural reception stimulation. The effect is temporary, but for the time that the barnacle larvae is metabolising Selektope®, it is hypermobile, kicking its swimming legs uncontrollably while being literally repelled away from the hull. Another factor that sets this biotechnology aside from other active agents used in marine coatings is that it delivers high efficacy in nano molar concentrations, achieving the same effect as other substances that deter barnacle fouling but in significantly lower quantities. This reduces emissions to water as well as air. 

Therefore, it’s safe to say for a carbon restricted future of the shipping industry to become a reality, Selektope® and advanced antifouling coatings will always play a role.

I-Tech appoints Per Svensson as Sales Director

I-Tech appoints Per Svensson as Sales Director

I-Tech AB, the bio-technology company responsible for Selektope®, the barnacle repelling active agent for use in marine coatings, has appointed Per Svensson to the role of Sales Director.

In this central senior position, Mr Svensson will take full responsibility for driving top-line revenues by working to progress new customers to the antifouling product commercialization stage. He will also hold responsibility for supporting and expanding existing customer accounts within the global marine coatings industry. Per joins I-Tech AB during a period of significant expansion for the company, for which 2019 was the best year to-date financially with reported net turnover for the year increasing by 57%, compared to 2018.

Mr Svensson has joined I-Tech following great successes achieved in his previous role of Director, Global Sales & Aftermarket, Marine Solutions at Emerson Automation Solutions. He has extensive experience working globally with high-tech marine tank level gauging and automation products through various roles held within Service, Sales, Marketing and Business Unit Management. Prior to Emerson, Per worked with Saab Marine Electronics AB. He has also held several board level positions with technology companies based in Singapore, Finland and the UK. His engineering background and academic qualifications include Diplomas in Business Administration from IHM Business School and Executive Leadership at the Stockholm School of Economics.

Philip Chaabane, CEO, I-Tech AB, says: “With a proven track record from various senior commercial positions within the marine industry, Mr Svensson will play a significant role in developing new and existing commercial relationships all around the world. With 30 years of experience, Per will greatly contribute to building the commercial aspects of I-Tech to the standards of much larger companies, yet maintaining our important entrepreneurial culture. I’m convinced that his commercial acumen and well-established reputation throughout the maritime industry will expand I-Tech’s reach even further in support of our continued growth trajectory”.

Per Svensson, Sales Director, I-Tech AB, says: “With the marine industry looking to support an improved environmental agenda, I’m thrilled to be working with a company that is aiming to help owners manage the issue of hull biofouling in pursuit of greener shipping. I have been looking for an opportunity to join a well-reputed, entrepreneurial company which aims to reduce the environmental impact of the marine industry. I have found that opportunity with this position in I-Tech and I am looking forward to supporting their wider global development.”

In an industry awash with postponed events, marine clean tech companies go virtual

In an industry awash with postponed events, marine clean tech companies go virtual

Anyone working in the shipping industry will know that face-to-face meetings and networking is what we do best. As organisations worldwide increasingly turn to virtual solutions as a way of doing business, the thousands of shore-based people working in shipping still place immense value on being periodically congregated by events companies for the purpose of doing business and debating current challenges faced. But what happens when event companies can’t do that anymore?

Right now, the COVID-19 virus is creating absolute havoc for companies in the event management business. In our industry, the majority of events scheduled for March, April and May have been postponed, or those that did go ahead suffered low attendance rates. For marketing professionals in the industry, this mass postponement of events is turning into somewhat of a nightmare, the result being the bunching up of many re-scheduled events in September. Exhibition fatigue is now feared by many, although whether those postponed events will actually go ahead on their re-scheduled date is anyone’s guess.

While there’s nothing like face-to-face, honest and open dialog at industry conferences for the sharing of information and ideas, the time and financial requirements of big events, paired with the current risk of novel contagions, make virtual alternatives much more attractive.

For companies who sell a technology or a service into the shipping industry, maritime events provide the perfect platform for forging new business, prospering existing business relationships and publicly airing details about progressions, R&D activities and commercial successes that sometimes a press release or well-written magazine article cannot convey with as much punch. As such, the exploitation of virtual solutions for bringing maritime conferences to people’s desk is in great need in the industry. Not only now during the COVID-19 pandemic, but also in the future.

Swedish clean technology innovators Lean Marine Sweden AB and I-Tech AB have taken matters into their own hands following their recent participation in Informa’s Green Ship Technology (GST) Europe in Copenhagen in mid-March. This conference is normally an annual meeting point for anyone wanting to accelerate green shipping initiatives worldwide. This year, it was hit at its mid-point by the Danish COVID-19 lock down causing 90% of attendees to flee, leaving presenters to deliver their speeches to an empty room (pretty much).  

While shore-based industry personnel across the globe turn to home working with limited, or prohibited social contact, the two Gothenburg-based companies have taken to the virtual world to recreate the GST ‘vessel efficiency’ panel session experience online, bringing the conference presentations to the temporary desk of those interested in vessel efficiency. Even though the hotel bar for beers and wine post-conference won’t be a highlight, sipping coffee or tea is encouraged.

The first virtual conference session was hosted by Lean Marine and I-Tech on the topic of ‘What you can do today to enhance vessel efficiency’ on Thursday March 26 at 08:30 GMT/09.30 CET/16.30SGT.

The interactive session included short presentations from two speakers, Mikael Laurin – CEO at Lean Marine Sweden AB on the topic:  ‘How much fuel saving could your vessel get through operational excellence?’, and Markus Hoffman – Technical director at I-Tech AB on the topic:  ‘barnacle fouling: how big is the problem and is there a quick fix solution?’ in addition to Q&A sessions.

Click here to watch the recorded video of the 1-hour virtual conference session.

New I-Tech customer launches Selektope®-containing products

New I-Tech customer launches Selektope®-containing products

Leading Norwegian paint-manufacturer Jotun has commercialized two new marine paint products containing I-Tech’s antifouling active agent Selektope®.  

Jotun, the world’s largest manufacturer of marine paints, will use Selektope® in two antifouling products targeting customers within commercial shipping where increased protection against barnacle fouling is needed for idle ships during the outfitting period.  I-Tech and Jotun are yet to formalize an agreement that binds orders for the commercialization. Therefore, the company can not issue any statement regarding volumes and financial impact.

Jotun will use I-Tech’s antifouling active agent Selektope® in the products SeaQuantum Pro Ace and SeaForce Active Ace. These are the first products launched by Jotun that contain Selektope®.

Philip Chaabane, CEO, I-Tech, says: “Jotun’s choice to use Selektope® is yet more evidence of our product’s prominent features and efficiency. I’m pleased to recognize that Jotun has introduced Selektope® in two different product families bringing extreme performance for repelling barnacles from the hull and creating new opportunities for a range of different vessels at the new build phase and subsequent operations.”

With this product introduction, Jotun becomes the third official customer to integrate Selektope® as a key ingredient into advanced and fuel saving antifouling paints available to globally trading vessels. Previous communication from I-Tech states that there is yet another major, but non-disclosed, manufacturer of marine paints working through the final development steps prior to product commercialization.  

Selektope® is an organic, metal-free antifouling active agent added to marine coatings to prevent barnacles from settling on the coated surface by temporarily activating their swimming behavior with non-fatal effect. This unique antifouling active agent delivers superior efficiency in extremely low concentrations (approximately 0.1% per wet weight of paint = only a few grams per liter of paint).

The importance of reduced emissions

The International Maritime Organization (IMO) has committed to reducing emissions from commercial shipping by 50 percent by 2050, compared to 2008 levels. Reduced hull biofouling will be one of the key factors required to achieve this target since even small amounts of biofouling on the hull can contribute to a significant increase in fuel consumption. Climate change will also lead to increased sea temperatures which in turn will accelerate biofouling risk.  

Antifouling paints will be one of the key technologies required to achieve the IMO 2050 CO2 emission reduction targets. Selektope®, with its high efficacy, precision and reduced environmental impact, will play a vital role in solving this challenge for the shipping industry,” Philip Chaabane concludes.

Selektope®-powered antifouling coating receives Nikkei Business Daily Awards for Excellence award

Selektope®-powered antifouling coating receives Nikkei Business Daily Awards for Excellence award

I-Tech AB’s (publ) (ticker: ITECH) largest customer, Chugoku Marine Paints, Ltd, has received prestigiousrecognition from the Nikkei Business Daily Awards for Excellence for their SEA PREMIER 3000 PLUS antifouling coating which is based on I-Tech’s revolutionary, barnacle-repelling active agent Selektope®.

SEA PREMIER 3000 PLUS was recognised by the Nikkei Business Daily Awards for Excellence, in the Superior Products and Services Award category.

The Nikkei is the largest financial newspaper in Japan. Now in their 38th year, the Nikkei Business Daily Awards for Excellence independently applauds high-performing products and services, with award recipients announced in the newspaper in early January each year.

Introduced to the market by Chugoku Marine Paints (CMP) in April 2019, SEA PREMIER 3000 PLUS is the eighth antifouling product commercialised by the Japanese paint manufacturer to contain Selektope®. The advanced silyl polymer hydrolysis type antifouling coating was specifically engineered to meet intensifying fouling challenges facing coastal vessels in Japanese waters due to rising seawater temperatures. The coating product is particularly suitable for vessels operating with a low activity rate or at low speed. SEA PREMIER 3000 PLUS can also be used in niche areas such as sea chests and interior-grating-bow thruster tunnels.

I-Tech AB’s advanced antifouling active agent Selektope® plays an integral role in the coating’s hard fouling prevention, allowing SEA PREMIER 3000 PLUS to deliver superior static performance against hard fouling in addition to maintaining hull smoothness. Selektope® is an organic, non-metal active agent that works to prevent barnacle fouling by temporarily activating the swimming behaviour of barnacle cyprid larvae, repelling them from the hull surface. This unique antifouling active agent is characterised by its precision and efficiency at extremely low concentrations, and its non-fatal effect on the target organism.

Philip Chaabane, CEO I-Tech AB, commented: “Selektope® is an integral component in SEA PREMIER 3000 PLUS, an outstanding product that combines Japanese and Swedish innovation to deliver superior antifouling power for ship hulls and niche areas. We proudly welcome the recognition from the Nikkei Business Daily Awards for Excellence, an award that reflects CMP’s successful engineering work in integrating and taking strong advantage of our technology to achieve superior fouling prevention results.”

“Approaches to improve the performance and efficiency of vessels in the light of increasing environmental challenges come in many forms but preventing barnacle fouling in an intelligent way is something the industry needs to embrace.”

I-Tech receives largest supply order to date from Chugoku Marine Paints worth 57MSEK (approx 6MUSD)

I-Tech receives largest supply order to date from Chugoku Marine Paints worth 57MSEK (approx 6MUSD)

I-Tech AB (publ) (ticker: ITECH) has received a new order amounting to 57MSEK to supply its product Selektope® to Chugoku Marine Paints (CMP).

The supply order provides confirmation of increasing demand for I-Tech’s barnacle-repellent active agent Selektope® within the range of marine antifouling products offered by CMP. The Selektope® supplied to CMP will be used in all major key markets in the shipping industry targeting both new building and dry-docking demands. The order is expected to be delivered in 2020.

Since their launch in 2016, the uptake of CMP’s Selektope®-containing marine coatings for ocean going vessels – SEAFLO NEO CF PREMIUM and SEA GRANDPRIX 880HS PLUS – has increased considerably on a global scale.

Recently, CMP launched a new antifouling coating containing Selektope®. Developed for initial use in the Japanese domestic market by coastal vessels, SEA PREMIER 3000 PLUS is the eighth antifouling coating that contains Selektope® to join CMP’s portfolio of antifouling coating products.

“CMP has continuously increased the integration of Selektope® in to its products and found multiple successful combinations with their own technology. The results have, during several years, proven its high level of performance and we are very satisfied that the market acceptance has resulted in this record order received by I-Tech,” says Philip Chaabane, I-Tech CEO. 

Chugoku Marine Paints expands Selektope®-containing antifouling coating range

Chugoku Marine Paints expands Selektope®-containing antifouling coating range

A new antifouling coating containing the barnacle-repellent active agent Selektope® has been introduced to the market by Chugoku Marine Paints (CMP). SEA PREMIER 3000 PLUS is the eighth product developed by CMP that contains Selektope®, demonstrating the Japanese paint manufacturer’s growing commitment to the technology.

SEA PREMIER 3000 PLUS is a self-polishing coating based on silyl polymer technology. It delivers excellent slime and algal resistance with the combined power of Selektope® and cuprous oxide for superior hard fouling prevention. Developed initially for use in the Japanese domestic market by coastal vessels, SEA PREMIER 3000 PLUS is particularly suitable for vessels operating with a low activity rate or at low speed. The coating is also suitable for use in niche areas, such as sea chests and interior-grating-bow thruster tunnels.

“The increasing range of Selektope®-containing products introduced to the market by our largest customer further demonstrates our technology’s vital contribution to enhancing the performance and differentiation of antifouling coatings. Expanding the range of Selektope®-containing products in the world’s third largest market* for marine coatings will contribute to continued long-term growth for I-Tech,” says Philip Chaabane, CEO, I-Tech AB (PUBL).

*Report: Marine Coatings Market – Global Forecast to 2022, Markets and Markets – 2018.

I-Tech wins IPO of the Year 2018 award for share price development

I-Tech wins IPO of the Year 2018 award for share price development

On May 22, I-Tech AB was named as the winner of the SvD Börsplus IPO-guide IPO of the Year 2018 Award in the Share Price Development category for the small company class. I-Tech also took fourth place, out of a total of twenty companies, in the IPO of the Year Award in the Quality category for the small company class.

SvD Börsplus IPO guide, a service available for all investors with an instant overview of all relevant facts regarding upcoming IPOs, conduct a review of all Swedish IPOs during the year and award prizes for the best IPOs in different classes and categories. Each year, winners of the SvD Börsplus IPO-guide Awards are announced for companies and financial advisors in the Share Price Development and Quality categories. These two categories are divided into three classes of companies in the Billion-SEK companies, Small companies and Micro companies segments.

Share price development is measured from the date of the IPO and 12 months ahead or at the latest April 30, 2018. In the Quality class, companies are ranked firstly after the lowest number of ‘warning flags’ and secondly after share price development.

“We are very happy that the market has showed great confidence in us and that the share price has had such positive development. We are also proud of the high ranking in the Quality class,” says Magnus Henell, CFO, I-Tech.

Erik Penser Bank acted as the financial advisor during I-Tech’s  IPO process. They received the SvD Börsplus IPO-guide Best Financial Advisor award in the Quality category for the small company class for work, amongst others, conducted during I-Tech’s IPO.