I-Tech AB has signed a license agreement with International Paints Korea Ltd, a subsidiary of Akzo Nobel under Akzo Nobel Protective Coatings, a leading player in antifouling in South Korea, for commercial use of Selektope. I-Tech now has a commercial deal with five major paint manufacturers operating in the important South Korean market, which alone accounts for about one-third of the global newbuilding market of all ships. The agreement concerns the use of I-Tech's antifouling substance Selektope in upcoming commercial antifouling products, specifically for the South Korean market.

The product is expected to be launched in 6-12 months. When the new product is launched, I-Tech AB's proprietary antifouling substance Selktope will be used by a total of six of the largest paint manufacturers supplying paint to the South Korean shipbuilding industry. Among other producers that manufacture antifouling paints containing Selektope for the South Korean market are Chugoku Marine Paints, Jotun, and Hempel.

In connection with the report for the second quarter of this year, I-Tech reported a total sales in South Korea of more than 32 million SEK, which was an increase of 147% compared to the corresponding quarter of 2022.