I-Tech AB Opens First Day of Trading on Nasdaq Stockholm

I-Tech AB Opens First Day of Trading on Nasdaq Stockholm

The CEO of I-Tech AB Philip Chaabane rings the bell to open I-Tech’s first day of trading on Nasdaq First North.

I-Tech recently completed a share issue for listing on Nasdaq First North. The shares will be traded under the ticker ITECH and ISIN code SE0011167725.

I-Tech AB is a public held bio-technology company based in Mölndal, Sweden that owns all IP and regulatory rights to the antifouling agent Selektope® (generic name, medetomidine). I-Tech also controls the largest and most efficient source of medetomidine production.

Since 2006, I-Tech has successfully transformed the scientific invention of Selektope® into a commercially ready and available antifouling agent. I-Tech is not a marine coatings manufacturer, instead we supply Selektope® to marine coatings manufacturers for inclusion in antifouling products.

I-Tech’s quest to find, develop and commercialize a hard fouling prevention technology alternative commenced in the wake the IMO decision to ban the application of tributyltin (TBT)-based paints on vessels as of 1 January 2003. The I-Tech ‘Eureka’ moment yielded an organic, non-metal compound named Selektope®. This innovation milestone for the industry was subsequently followed by 15 years of trials, and exhaustive regulatory hurdles.

The business concept is for Selektope® to take a significant role in vessel performance optimization by offering the technology to the global paint industry as the principal active agent in marine antifouling paints. I-Tech’s vision is to establish Selektope® as the leading alternative biocide to prohibit marine growth in an effective and sustainable way.

For further information, refer to the prospectus that has been prepared in connection with the issue and application for listing. The prospectus is available on I-Tech’s website, www.i-tech.se

Advisor
Erik Penser Bank AB is the Company’s Certified Adviser and has been financial advisor in connection with the listing and the rights issue. MAQS Advokatbyrå has been the Company’s legal adviser in connection with the listing and the rights issue

I-Tech AB becomes Clean Shipping Index member

I-Tech AB becomes Clean Shipping Index member

Selektope® developers I-Tech AB have become members of the non-profit organization Clean Shipping Index (CSI).

Through its membership, I-Tech will encourage environmentally responsible decisions around antifouling coating procurement to users of CSI’s holistic labeling system which ranks the environmental performance of ships. I-Tech will seek to promote the benefits of choosing less environmentally impactful antifoulings and educate CSI users on the impact of coating types, such as those containing Selektope®, on the ranking of ships under the labeling system.

CSI-ranked vessels are eligible for reduced fairway dues from the Swedish Maritime Administration (SMA) and reduced port fees at the ports of Brofjorden, PetroPort, Gothenburg, Vancouver, Prince Rupert and Gävle. The discount available is dictated by a ship’s CSI ranking. The cleaner the ship, the greater the financial incentive which creates a win-win situation for both the environment and business. For cargo owners and forwarders, the ranking system can also be used to select more sustainable shipping options.

As part of the CSI ranking process, a 25-part questionnaire covering the parameters of SOx, NOx, CO2, chemicals, water & waste and particulate matter is completed for each vessel. Ship owners must declare what type of coating is in situ on their vessel and points are allocated according to the environmental impact, with less environmentally impactful coatings receiving a greater number of points. The number of points received overall from declarations made on the questionnaire determine the vessel ranking and discounts available.

“CSI welcomes I-Tech’s commitment to a clean environment and reduction of the ecological footprint of shipping. We are proud to welcome them onboard as a member,” says Maarten Verdaasdonk, Project Manager of the Clean Shipping Index.

Philip Chaabane, CEO of I-Tech AB says: “I-Tech AB joined the CSI in support of their vision to encourage ‘clean ships sailing in healthy seas’. Our membership of CSI is aligned with our Company’s vision to support the transition to cleaner ships with reduced emissions. We are proud to be part of such an experienced and knowledgeable network in sustainable shipping.”

I-Tech’s unique antifouling technology Selektope® is an organic, non-metal compound that, when added to marine coatings, works to prevent barnacle fouling by temporarily activating the swimming behavior of barnacle cyprid larvae, making it impossible for them to settle on a ship’s hull. Selektope® is effective at extremely low concentrations, reducing the biocidal loading in the coating and resulting in ultra-low leaching into the marine environment. It also offers paint manufacturers the flexibility to boost copper-based paint formulations, either as a means of reducing the amount of copper required or replacing copper completely.

The share issue in I-Tech AB (publ) for listing on First North was over-subscribed

I-Tech announced on May 2, 2018 that the Company has decided to implement the Offering and apply for listing of the Company’s share on Nasdaq First North.

The interest in participating in the Offering has been strong and the share issue was subscribed to approximately 136 percent. The company will receive approximately SEK 38.5 million before issue costs. In the event that the overallotment option of 275,000 shares is fully utilized, the Company will receive a total of SEK 44.1 million before issue costs. The share issue will result in about 650 new shareholders in the Company.

The subscription period expired on Friday, May 18, 2018. The share issue increases the number of shares from 9,777,185 to 11,927,185, provided that the overallotment option of 275,000 shares is fully utilized. The share capital will increase from SEK 19 554 370 to SEK 23 854 370 through the share issue if the overallotment option is fully utilized. The subscription price in the share issue was SEK 20.5 per share.

The share issue comprised approximately SEK 26.7 million of subscription undertakings from a number of institutional and private investors.

The interest in the share issue and the forthcoming listing on First North is positive for I-Tech and strengthens us in our ambition to establish Selektope as the leading option to prevent marine growth in an efficient and sustainable way. We now have the necessary resources to fully implement our growth plan with the ambition to shortly establish I-Tech as a fast-growing and profitable company, “said Philip Chaabane, CEO of I-Tech.

Advisor
Erik Penser Bank is a financial advisor and MAQS Law Firm is a legal adviser in connection with the share issue. Erik Penser Bank is the Company’s Certified Adviser.

I-Tech AB carries out a share issue of MSEK 44.1 ahead of listing on Nasdaq First North

I-Tech AB carries out a share issue of MSEK 44.1 ahead of listing on Nasdaq First North

The Board of I-Tech AB (“I-Tech” or “The Company”) has decided to carry out an equity issue of up to 2 150 000 shares and apply for listing of the Company’s shares on Nasdaq First North.

The subscription price amounts to SEK 20.5, which corresponds to an issue amount of no more than MSEK 44.1 million (“Offer”). Based on the issue price and existing number of shares, the Company is valued at approximately SEK 200.4 million.

In the Offer, a number of institutional and private investors have subscribed for shares totaling MSEK 26.7, corresponding to approximately 60.5 percent of the Offer. The offer includes an overallotment option (“Overdraft Option”) of 275,000 shares that may be exercised in the event of a high interest in the Offer.

I-Tech has developed Selektope®, a substance that counteracts marine growth on ship hulls and other marine installations, for a long time. Selektope® can be integrated in marine coatings and prevent the growth of barnacles, which is a significant problem for shipping. Marine growth on the ship hull results in increased resistance and thus higher fuel consumption.

I-Tech has received the necessary regulatory approvals for Selektope® and has been in the commercialization phase since 2016, where the company has established relationships with all major manufacturers of marine coatings, two of which have launched marine coatings based on Selektope®. In order to enable continued expansion, I-Tech performs a dissemination issue with subsequent listing on Nasdaq First North.

Offer
The offer comprises 1 875 000 shares, corresponding to 16.1 percent of the total number of shares in the company following the Offer. The subscription price in the Offer has been set at SEK 20.5 per share, which corresponds to a company value of approximately SEK 200.4 million before the Offer.

In order to allow a possible overallotment in connection with the Offer, at the request of Erik Penser Bank, the Company has undertaken to issue no more than 275,000 shares, representing at most about 12.8 percent of the total number of shares included in the Offer.

If the overallotment option is fully utilized, the Offer comprises a total of 2 150 000 shares, corresponding to approximately 18.0 percent of the total number of shares in the Company after the Offer. The offer amounts to MSEK 38.4, excluding the overallotment Option and MSEK 44.1 if the Overdelivery option is fully utilized.

In the offer, a number of institutional and private investors have undertaken to subscribe for a total of 1,300,000 shares equivalent to approximately MSEK 26,7. Investors who have subscribed for include Unionen MSEK 9.2, Göran Källebo MSEK 3.6, Zonda Partners MSEK 2.0, Chirp MSEK 2.0, Akilakonsulting MSEK 1.7, Customers to Erik Penser Bank MSEK 8.0.

I-Tech has applied for admission to trading of the Company’s share on Nasdaq First North and the first day of trading is 28 May 2018. A prospectus with full terms is available at i-tech.se.

Preliminary schedule
Subscription time: 3-18 May 2018
Publication of outcome: May 22, 2018
Preliminary first day of trading: May 28, 2018

Background and Reason
I-Tech has developed Selektope®, a substance to prevent marine growth that is a problem that affects ship hulls by contributing to increased water resistance and therefore higher fuel consumption. International shipping, which handles around 90% of global trade, faces major challenges in terms of energy efficiency and environmental impact reduction. With the introduction of Selektope®, new opportunities are given to counteract marine growth on the hull but also to reduce the amount of active substances in the coatings, whose share of total weight can reach well over 50 percent. Selektope® is effective in concentrations of 0.1 percent, giving new opportunities to meet the demands for increased performance.

I-Tech sees good opportunities to establish Selektope® as the leading alternative to prevent marine growth in an efficient and sustainable way. Furthermore, the Company sees opportunities to broaden the use of Selektope® to other areas in addition to ocean-going vessels such as offshore, pleasure boats, fish farming and other marine installations. In order to take advantage of the growth opportunities available, the company needs to invest additional resources in marketing, production scale-up and development related to new applications for Selektope®.

Comment from I-Tech’s CEO, Philip Chaabane

I-Tech has taken important steps in recent years from a development phase to full commercialization of Selektope®. Since the first Selektope®-based marine coating was launched by Chugoku Marine Paints by the end of 2015, we have noted increasing interest in our technology from both paint manufacturers and shipowners. So far, two of the world’s largest manufacturers of marine coatings have launched six products based on Selektope®. In the future, we expect additional product launches from both our two existing customers and additional players. Selektope® potentially means a paradigm shift in marine coatings, where we provide solutions that are more effective than today’s alternatives and also environmentally sustainable. We estimate that the strong interest for Selektope® will result in significant volume increases going forward and thereby establish I-Tech as a company with strong and sustainable growth and increasing profitability.

Prospectus and application forms
Prospectus with full terms and instructions and application forms are available on the Company’s website (i-tech.se) and on Erik Penser Bank’s website (www.penser.se). Printed prospectus can be ordered free of charge via e-mail; emission@penser.se

Investor presentations
In connection with the Offer, the Company will present on the following occasions:
• Aktiespararna (swedish shareholders association), shareholders meeting in Stockholm, May 2 at 16.30
• Aktiespararna (swedish shareholders association), shareholders meeting in Gothenburg, May 8 at 10.50
• Company presentation at Erik Penser Bank in Stockholm, May 14 at 6 pm
• Company presention, Clarion Hotel Post in Gothenburg, May 15 at 6pm
Registration for presentations at Erik Penser Bank is available at seminarium@penser.se
Registration for the presentation at Clarion Hotel on May 15 is made to nina.carlen@i-tech.se

Advisor
Erik Penser Bank AB is financial advisor and MAQS Law Firm is a legal advisor in connection with the Offer. Erik Penser Bank AB is the Company’s Certified Adviser.

New application success for Selektope® in silicone-epoxy coatings

New application success for Selektope® in silicone-epoxy coatings

The development of two-part epoxy resin coatings that harness antifouling properties is gaining importance as biofouling challenges increase across the global maritime fleet.

Advances made in epoxies – commonly known as ‘hard coatings’ – are increasingly satisfying the need to offer antifouling protection for hard structures in sea water conditions and vessels operating in harsh environments, in ways that satisfy commercial demands as well as applicable environmental standards.

In the wake of the tri-butyl-tin ban, easy-release or ‘foul release’ coatings based on silicone elastomers have been widely used to offer protection against biofouling build-up on ships’ wetted hard surfaces. While proving successful in commercial and military applications where abrasion is often not an issue, these coatings have proved to be too soft for harsh conditions. At the same time, emissions regulations and the need to optimize hull performance to cut fuel bills mean the twice-yearly hull cleaning is now commonplace to reduce the drag caused by fouling.

However, coating systems such as silicone, traditional self-polishing coating (SPC) and other coating types may be damaged each time the hull is cleaned, thus reducing their total service life. An ideal solution would be to develop coatings that offer antifouling protection but that can also survive and function well in abrasive circumstances and in harsh environments.

American paint specialist Wearlon®, part of Plastic Maritime Corp., and I-Tech AB of Sweden have recently been conducting work on the development of an epoxy-silicone coating with antifouling properties through the addition of the unique, bio-repellent active agent Selektope® with one of the Wearlon® silicone-epoxy coatings. Trials, carried out over a period of 19 months, indicate that a commercially-viable ‘hard’ coating that also offers superior antifouling performance is within reach.

Selektope®, chemically known as medetomidine and registered by I-Tech AB (Interphase Technologies), is an organic, non-metal compound that is usually used in SPC systems. It is very efficient at preventing barnacle fouling when included in marine coating systems used to paint and protect ocean going vessels, particularly during extended idle times and at elevated water temperatures. Its first-of-its kind mode of action prevents barnacle fouling by temporarily hyper-activating the swimming behaviour of barnacle cyprid larvae, making it impossible for them to settle on a wetted hard surface. It is characterized by high efficacy at extremely low concentrations (0.1-0.3% w/w) and its ultra-low leaching offers paint manufacturers the flexibility to boost copper-based paint formulations or replace copper completely.

Whereas silicone-epoxy systems offer abrasion resistance and easy to clean properties, they still have limitations when exposed to sea water at static conditions. The addition of Selektope® enables highly innovative coating systems to be developed and, as such Wearlon® has trialled the inclusion of Selektope® in its Wearlon® Super F-3M range to develop an abrasion-resistant coating with boosted antifouling properties. The coating is expected to be particularly effective in areas where high-wear strength is required such as around propellers, and for use on off shore equipment.

Wearlon® Super F-3M is a water-based silicone-epoxy coating. The mole % of silicone to epoxy is varied and coupled with surfactant and filler selection to obtain properties that are unique for a variety of applications. Wearlon® Super F-3M is one of the most hydrophobic of all the Wearlon® coatings, having a low surface tension when in contact with water, resulting in drag reduction. Because of its excellent abrasion and corrosion resistance it is being used in a variety of marine applications including zebra mussel control.

The trialing of the Wearlon® epoxy-silicone product containing Selektope® was conducted at I-Tech’s test facility on the west coast of Sweden over a period of 19 months. A successful formulation was achieved through the addition of a 1-metoxy-2-propanol solution of Selektope® to component B of the two-component system of Wearlon® Super F-3M. Traditionally, when formulating rosin gum-based or acrylic-based antifouling paints, Selektope® is always best added to the paint as a solution. To add it to the formulation, it should be dissolved in an appropriate solvent before adding pigments, metal oxides (e.g. ZnO), fillers, binders and other additives. Test panels were coated with two layers of the test product by a roller. For the formulations that underwent panel testing, a concentration of 0.3% Selektope® w/w of the final wet paint mixture was used to ensure the steady release of the biocide.

Developing an epoxy coating that was inclusive of Selektope® has been key to producing a more impact-resistant, yet flexible and low abrasive epoxy silicone coating system that shows excellent antifouling performance. The trials of the Wearlon® Super F-3M range product with Selektope® included concluded that the addition of Selektope® to the Wearlon® epoxy-silicone coating resulted in significantly improved antifouling properties when exposed to raft tests in sea water.

In the future, the partners are convinced that epoxy-silicone coating technology will achieve wider acceptance on ocean going vessels due to Selektope®-empowered antifouling performance.

Authors: Dan Isaksson (I-Tech AB), Catherine Austin (I-Tech AB), Oliver Weigenand (I-Tech AB), John Smith (Wearlon).

Image 1: Test panels mounted on a frame, submerged in the month of April

Image 2: Test panels after seven months – the three F3M + 0.3% Selektope are evident with little biofouling

I-Tech AB signs deal for largest ever Selektope® order with Chugoku Marine Paints

I-Tech AB signs deal for largest ever Selektope® order with Chugoku Marine Paints

I-Tech AB has signed a significant supply agreement with Chugoku Marine Paints (CMP) in response to increasing demand for CMP marine coatings that contain Selektope®. This deal represents the largest ever single order of the unique antifouling ingredient to-date.

The large volume order was placed as part of a long-term supply agreement to support the growth of CMP’s Selektope®-containing antifouling product portfolio. The supply agreement provides the option for CMP to further increase the order value as required.

Philip Chaabane, CEO I-Tech AB says: “This significant order for Selektope® demonstrates how I-Tech’s antifouling technology is meeting market demand. For I-Tech, securing this significant supply agreement provides evidence of the major impact that our technology continues to make. With this long-term agreement in place, I-Tech can continue to focus on further improving the strength of the Selektope® supply chain to ensure commercial competitiveness for our technology.”

Mr Hideyuki Tanaka, Director & Chief of Technical and Production Headquarter CMP says: “Securing CMP’s commercial relationship with I-Tech to support the strong demand received for Selektope®-containing products offered by CMP is of great importance. We look forward to working with I-Tech going into the future.”

Selektope® is an organic, non-metal compound that works to prevent barnacle fouling by temporarily activating the swimming behavior of barnacle cyprid larvae. It is characterized by high efficacy at extremely low concentrations and is ultra-low leaching. Uniquely, it offers paint manufacturers the flexibility to boost copper-based paint formulations or to replace copper completely.

In 2016, CMP launched the first Selektope®-containing antifouling coating range onto the market under two separate brands: SEAFLO NEO CF PREMIUM; and SEAFLO NEO-S PREMIUM.

SEAFLO NEO CF PREMIUM is based on zinc polymer technology and is a coating with an in-service life exceeding five years. SEAFLO NEO-S PREMIUM, is based on silyl polymer technology, and specifically targets ‘low activity’ vessels such as static vessels during outfitting in shipyards. In 2017, CMP launched a brand-new product based on hydrolyzing technology – SEA GRANDPRIX 880HS PLUS. Uniquely, CMP guarantees extended static performance of up to 45 days for this product, thanks to the barnacle-repellent boost enabled by Selektope®.

As demand for Selektope® soars, the number of antifouling products that contain the unique bio-repellent ingredient is expanding. Multiple paint manufacturers offer Selektope®-containing products, confirming the confidence held by paint manufacturers in the technology.

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I-Tech AB strengthens Selektope® supply chain with strategic acquisition

I-Tech AB strengthens Selektope® supply chain with strategic acquisition

Swedish bio-technology company I-Tech AB has today announced the strategic acquisition of manufacturing process technology and IP, for the production of medetomidine, from Cambrex Corporation (NYSE: CBM). The transaction consolidates the supply chain and improves I-Tech’s industrial capabilities. I-Tech AB has registered and patented medetomidine as a marine antifouling agent and is offering the active substance under the registered trademark Selektope® to the global marine coating industry

Selektope® is an organic, non-metal compound with unique marine antifouling application. Its bio-repellent mode of action inhibits barnacle settlement on ships’ hulls by stimulating the barnacle larvae’s swimming behavior with reversible effect. It is characterized by high efficacy at extremely low concentrations in a marine coating (0.1% w/w), ultra-low leaching, and flexibility to boost copper-based paint formulations or replace copper completely. The product is used in a number of antifouling products offered by different paint manufacturers in the marine market.

I-Tech AB is a Gothenburg-based, privately held company that holds all IP and regulatory rights to the antifouling agent Selektope®. I-Tech’s mission is to bring new dimensions to the global antifouling industry by taking a bio-technology approach to biofouling control.

Cambrex Corporation is a life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics. The Company offers Active Pharmaceutical Ingredients (APIs), advanced intermediates and enhanced drug delivery products for branded and generic pharmaceuticals.

The acquisition has been facilitated by the issuing of new shares, with Cambrex becoming a major shareholder in I-Tech AB. Cambrex will take a position on the board of directors. The move strengthens the continued development of the supply chain for Selektope on a global scale. It supports I-Tech’s plans to secure superior production capacity and to ensure commercially competitive prices for its customers and deliver high volume demands for Selektope.

Philip Chaabane, I-Tech CEO, comments: “This deal with Cambrex consolidates the supply chain for Selektope and brings important assets to I-Tech for continued development and improvement of processes and of the supply chain structure itself. We now have a unique competitive situation to fuel future growth. On the strategic side, I’m delighted to have the continued support from Cambrex on the board, and as an owner to build up our industrial platform moving forward”.

The agreement is subject to conditions and is expected to close in the nearest future.

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Biofouling during outfitting at South Korean shipyards drives high demand for Selektope® antifouling solution

Biofouling during outfitting at South Korean shipyards drives high demand for Selektope® antifouling solution

As global water temperatures increase, global ‘biofouling hotspots’ in subtropical/tropical areas are intensifying, exposing newbuildings at the world’s major shipyards to greater risk of hard fouling during the outfitting process. The effects of intense hard fouling on idle newbuilds can have great impact on a newly applied hull coating and on a vessel’s performance in sea trials.

In response to this problem, a new antifouling coating specifically targeting hard biofouling prevention during the outfitting period was brought to market by Danish marine coatings specialist Hempel in late 2017. GLOBIC 9500S includes the unique antifouling ingredient Selektope® as part of its ‘smart biocide package’ that delivers boosted static performance against hard fouling for ships with extended idle periods.

Philip Chaabane, CEO I-Tech AB, says: “Our product is boosting the performance of sophisticated antifouling systems under harsh fouling conditions, such as those experienced during outfitting at shipyards in South Korea. Selektope® is clearly adding value to the coatings products that the major coating manufacturers offer.”

Selektope® is an organic, non-metal compound that repels barnacle settlement on ships’ hulls by temporarily stimulating the barnacle larvae’s swimming behavior. It is characterized by high efficacy at extremely low concentrations (0.1% w/w), is ultra-low leaching and offer paint manufacturers the flexibility to boost copper-based paint formulations or replace copper completely. Due to the low concentration required, Selektope® does not compromise the chemical structure, color or other cooperative biocides of a marine coating.

This first-of-its-kind antifouling technology caught the attention of coatings suppliers in the early stages of its research and development. To-date, several products have been launched onto the market and the number of Selektope®-containing coatings being sold by different manufacturers is increasing year-on-year.

I-Tech AB, the Swedish biotechnology company behind the development of Selektope®, recently responded to strong market demand for the antifouling ingredient in South Korea by appointing KhaiEL as Selektope’s exclusive importer and agent. Under the new agreement, I-Tech will continue to manage sales of Selektope® in South Korea while KhaiEL will exclusively handle imports.

“We are delighted to be working with such a highly reputed company in KhaiEL to strengthen the supply of Selektope® to South Korea. This business relationship reflects the need to address increasing demand for our product in South Korea, particularly from the shipyards and many owners running risks of extended idling, whether during newbuilding or operations,” says Philip Chaabane.

“KhaiEL is very proud to partner with I-Tech to represent the highly innovative Selektope® technology in the Korean market,” says Paul Cho, Marketing Director KhaiEL.

South Korea is a key market for I-Tech. The company believes that coatings containing Selektope® play a vital role for shipyards located in biofouling hotspots with its barnacle-repellent technology.

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Two-year tanker trial by Laurin Maritime confirms Selektope® antifouling power

Two-year tanker trial by Laurin Maritime confirms Selektope® antifouling power

A twenty-four-month trial of a hull coating containing the bio-repellent active agent Selektope® on a 46,067dwt chemical and products carrier has confirmed the antifouling ingredient’s hard fouling prevention power.

Selektope® is an organic, non-metal compound that works to prevent barnacle fouling by temporarily activating the swimming behaviour of barnacle cyprid larvae, making it impossible for them to settle on the hull. It is characterized by high efficacy at extremely low concentrations (0.1% w/w), is ultra-low leaching and offers paint manufacturers the flexibility to boost copper-based paint formulations or replace copper completely.

In 2015, the vertical sides and flat bottom of Laurin Maritime’s vessel Calypso were fully coated with an antifouling coating containing Selektope® during its first five-year drydock. The vessel has spent two years in active operation across a wide range of trade routes, with more than 50% of operating time spent in biofouling hotspots with > 25oC (up to 32oC) temperatures.

Independent hull and propeller performance analysis has verified that after twenty-four months Calypso’s increased total resistance was calculated to be 7%, compared with a benchmark new vessel that would see an increase in resistance of 10-20%. Over the period, speed losses experienced by Calypso amounted to a mere 2% when measured against sea trial performance. Data also confirmed that the development rate of added resistance for Calypso amounted to 0.1 % (0.5% to 1.5% is expected).

A recent underwater hull inspection established that Calypso’s hull is very clean, with divers finding no soft or hard fouling over the starboard and portside verticals, flat bottom and bilge areas.

Laurin Maritime’s technical director Bertil Andersson says: “The vessel has now operated for two years since last dry dock, and we can conclude that the fouling of the hull (read added hull resistance) remains at a very low level and the trend continues being flat.”

I-Tech CEO Philip Chaabane says: “This independent analysis of performance data and the underwater hull inspection provide convincing long-term performance results from a full-vessel application of a Selektope®-containing hull coating for a vessel with significant exposure to severe fouling conditions. The fact that the hull fouling trend continues to be flat means that our general outlook on the continuous performance of the Selektope®-containing coating is very positive. This delivers the proof required that our unique antifouling ingredient can offer ship operators guaranteed hard fouling prevention performance for any vessel activity and trading patterns.”

With multiple major coatings suppliers now turning to Selektope® to enhance their products, I-Tech AB is urging ship owners to check whether the ingredient is available in all antifoulings being considered as part of the coatings selection process.

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I-Tech AB appoints exclusive importer and agent in South Korea in response to high demand for Selektope®

I-Tech AB appoints exclusive importer and agent in South Korea in response to high demand for Selektope®

I-Tech AB, has responded to strong market demand in South Korea by appointing KhaiEL as the exclusive importer and agency for the unique antifouling ingredient Selektope®.

Under the new agreement, I-Tech will continue to manage sales of Selektope® in South Korea while KhaiEL will exclusively handle imports.

“We are delighted to be working with such a highly reputed company in KhaiEL to strengthen the supply of Selektope to South Korea. This business relationship reflects the need to address increasing demand for our product in South Korea, particularly from the shipyards and many owners running risks of extended idling in conjunction with new buildings and subsequent operations,” says Philip Chaabane, CEO I-Tech AB.

“KhaiEL is very proud to partner with I-Tech to represent the highly innovative Selektope® technology in the Korean market,” says Paul Cho, Marketing Director KhaiEL.

The organic, non-metal compound Selektope® is the only ingredient of its kind used in a marine antifouling application. It is characterized by high efficacy at extremely low concentrations (approx.0.1% w/w), ultra-low leaching and flexibility and can boost the performance of copper-based paint formulations or replace copper completely. Due to the low concentration required, Selektope® does not compromise the chemical structure, color or other cooperative biocides of a marine coating.

KhaiEL GmbH is a chemical company based in Germany and South Korea that has a distribution business and has been developing specialty chemicals since 2007.

I-Tech AB is a Gothenburg-based biotech company that has developed and marketed the unique antifouling ingredient Selektope® since 2006.

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