Bermudan tanker owner and operator Team Tankers International has committed four additional ships to using the protection of the anti-barnacle active agent Selektope® following distinguished fouling prevention performance during a 40-month trial of an antifouling coating containing the technology on an MR tanker in their fleet.

The vertical sides of the 46,067DWT chemical and products carrier Team Calypso were coated with Chugoku Marine Paints’ SEAFLO NEO CF-Premium antifouling coating that contains Selektope® during its five-year drydocking at the Sembcorp shipyard, Singapore in 2015.

During the last 40 months the MR tanker has been in active operation across a wide range of trade routes globally, often sailing in global biofouling hotspots with > 25oC (up to 32oC) water temperatures where the risk of biofouling is very high. The vessel has also spent several extended periods idling in these zones.

However, during the trial, barnacles failed to anchor themselves to the tanker’s hull thanks to the protection from Selektope® which activates the barnacle larvae’s octopamine receptor, keeping them in swimming mode and preventing them from attaching to the hull with non-fatal effect.

A hull inspection conducted at month 35 in the tanker’s in-water-survey schedule established that Team Calypso’s hull was virtually barnacle free with no soft fouling coverage.

Independent third-party data analysis has also verified the fouling prevention performance of the Selektope®-powered hull coating. At month 40, total added resistance on Team Calypso’s hull and propeller due to fouling is exceptionally low, at 16%, compared to up to 30% expected for a reference ship of similar age, size and trading patterns. Of that 16% total, added resistance on the hull accounted for 10% whereas added resistance on the propeller accounted for the remaining 7%. The development of added resistance was calculated at a rate equivalent to 0.4% per month, compared to the expected rate of between 0.5% and 1.5%.

I-Tech AB CEO Philip Chaabane comments: “This tanker owner is reaping the fuel saving benefits associated with a Selektope®-powered antifouling coating. The independent data analysis coupled with the underwater hull inspection prove that Selektope® delivers strong protection from hard fouling, whatever the vessel’s activity or trading pattern.”

Team Tankers Performance & Environmental Manager Capt. Pär Brandholm comments: “Team Calypso has operated for over three years since last dry dock, and we can conclude that the fouling of the hull remains at a very low level and we hope the trend will continue being flat. We anticipate similar performance for our vessels Team Tapatio, Team Toccata, Team Tosca and Team Leader using the same hull coating containing Selektope®.”

Chugoku Marine Paints Sales Manager Northern Europe Peter Douma comments: “Chugoku Marine Paints is proud to offer an antifouling system containing Selektope® that delivers outstanding performance for a multitude of vessel types, docking intervals, trading patterns and activity. The effectiveness of our SEAFLO NEO CF-PREMIUM has been demonstrated by the results achieved on Team Calypso.”

With multiple major coatings suppliers now turning to this antifouling active agent to enhance the hard fouling prevention offered by their antifouling products, I-Tech AB is urging ship owners to check whether Selektope® is present in the antifouling systems being considered during their coating selection process.

Read less

We are pleased to announce that we have been awarded the 2018 Göteborg & Co Prize for great entrepreneurship and innovation demonstrated in developing and achieving the establishment of the unique antifouling active agent Selektope® in the marine coatings industry.

The prize will be awarded by the Trade and Industry Group Göteborg & Co and the Chairman of the Municipal Board, Axel Josefson, on April 2 in connection with the Börssällskapets meeting.

I-Tech was founded in 2000 as a spin-off from a research project conducted by the University of Gothenburg and Chalmers. Added into marine paints during the manufacturing process, Selektope prohibits the attachment of barnacles to a ship’s hull by keeping the exposed barnacle larvae in swimming mode due to the activation of the larvae’s octopamine receptor. It is unique in its application in ship biofouling protection as it is the only antifouling substance that has a deterrent effect on barnacles.  

“This year's winner is a company that has shown great entrepreneurship and innovation. Through their ground-breaking research, they have changed the marine paint industry and are now at the forefront of development. I-Tech has a unique and sustainable product that is world-leading,” says Christian Westerberg, project manager at Näringslivsgruppen, Göteborg & Co.

“In a city with many exciting and promising companies, we feel great humility to stand as the winner of the Göteborg Companipris. I-Tech, born from local academic research and largely backed up by local financiers, is in the midst of a global expansion in the Gothenburg significant marine sector. We share the honor with everyone who has participated in our almost 20-year journey,” says Philip Chaabane, CEO of I-Tech.

Facts about the Göteborgs Companipris:

- The Business & Industry Group at Göteborg & Co annually distributes the Göteborgs Companipris to successful companies that are run and developed in the Gothenburg region.

- The prize consists of 25,000 sek and a silver statue.

- Since the Companipris was founded in 1994, the prize has been received to appoximately 60 companies.

The Business & Industry Group at Göteborg & Co is a platform for collaboration between business, organizations, municipalities and academia that works to strengthen and develop Gothenburg's competitive and attractive power. Through initiatives and projects, the Enterprise Group stimulates long-term competence provision and inclusion in order to contribute to an attractive, vibrant and sustainable metropolitan area.

https://via.tt.se/pressmeddelande/de-vinner-goteborgs-companipris-2018?publisherId=2567142&releaseId=3251825

Read less

Summary of the period

” Strong finish to an exciting year”

• Net turnover for the period amounted to kSEK 10 870 (7 156), which corresponds to an increase in turnover of 52% (-7%). Operating profit/loss amounted to kSEK -2 882 (-2 061).
• Net turnover for the full year 2018 amounted to kSEK 28 947 (17 849), which corresponds to an increase in turnover of 62% (5%). Operating profit/loss amounted to kSEK -13 625 (-7 448).

October to December 2018

• I-Tech received an order worth SEK 36 million from Chugoku Marine Paints. The order is a minimum commitment for supplies during 2019.
• 3-year data from the Calypso study was presented. The vessel demonstrated an unusually low increase in fouling resistance compared to a reference vessel. A physical hull inspection also verified the results by establishing that Calypso’s hull was very clean, with divers finding no soft or hard fouling.
• The next generation production process is fully implemented and is contributing to an increased gross margin.

January to September 2018

• From an operational perspective, I-Tech has completed the integration of acquired assets from Cambrex and is now managing the entire supply chain itself.
• The company has initiated a collaboration with a European manufacturer of active substances as part of a strategy to create a broader supplier base.
• The company’s previously largest shareholder, Vicore Pharma Holding, resolved at an extraordinary general meeting on 13 August to distribute the majority of its shares in I-Tech to its shareholders. These shares are subject to a lock-up and cannot be sold before 28 May 2019. This has resulted in I-Tech gaining more than 1 500 new shareholders.
• On 28 May, I-Tech was listed on the Nasdaq First North (Stockholm) stock exchange. The company’s share issue in conjunction with the listing was oversubscribed at 138%. The company received approximately SEK 40 million after issue costs.
• I-Tech’s board of directors was strengthened at the annual general meeting on 17 April with the appointment of Bjarne Sandberg, Managing Director of Cambrex Karlskoga AB. Bjarne adds extensive commercial and industrial experience.

Important events after the period

• No important events after the period.

Financial summary

All amounts in TSEK	2018 okt-dec	2017 okt-dec	2018 jan-dec	2017 jan-dec
Net sales	10 870	7 156	28 947	17 849
Operating result	-2 882	-2 061	-13 625	-7 448
Net result	-2 994	-2 168	-13 737	-8 418
Operating cash flow	-764	-2 226	-11 945	-6 238
Equity at end of period	102 981	36 955	102 981	36 955
Cash and cash equivalents at end of period	46 538	20 535	46 538	20 535

CEO comments

I-Tech ended the year by demonstrating a strong delivery capacity, which confirmed that the production system is now in full flow. The investments in the production system that were made during the year have begun to show a return. The gross margin increased for the period to 44% (32%) and for the full year to 36% (32%). Sales amounted to SEK10.9 million (SEK 7.2 million) for the fourth quarter and for the full year sales were SEK 29.0 million (SEK 17.8 million).

This growth shows that the company is progressing in line with our stated sales targets. The fourth quarter also indicates we are proceeding along the path towards significant gross margin improvements. The production rate is now in phase with demand. No stock was built up during the quarter as, in principle, everything that was manufactured was delivered to the customer. To manage varying customer demand, the company is set to increase storage capacity as soon as possible. This is considered necessary to maintain the right service level to customers.

The customer side is essentially the same during the fourth quarter. Chugoku Marine Paints is taking full advantage of Selektope and is working on new business based on fine results from various case studies, of which M/T Calypso’s 3-year operational data was communicated publicly in December. Being able to demonstrate a hull with high performance both visually and in measured data for three years is proof that there are clear economic and environmental benefits to using the Selektope technology.

We’re noticing widespread increased activity among other potential customers. Future changes in legislation related to emissions are driving demand for premium products in the coming years, and CMP’s progress also gives a clear signal that puts pressure on other manufacturers to keep up with the development.

In an industry where few embark on abrupt changes, endurance and a long-term perspective are key. The more vessels that sail with Selektope products, showing good results over a number of years, the easier it will be for the technology to gain broader acceptance. I-Tech’s growth aligns well with the implementation of legislation that will significantly increase fuel costs. The expected increase in fuel costs incentivises shipping companies to invest in energy efficient measures. We therefore look forward with confidence to 2019, with a continued positive development with existing customers and with the belief that we can secure Selektope-based products on the market from additional manufacturers.

Philip Chaabane, CEO

For additional information, please contact:
Philip Chaabane, CEO
M: +46 073-910 37 08
E: philip.chaabane@i-tech.se

About I-Tech AB (publ)

I-Tech is a biotech company that has developed and sold the product Selektope®, an active substance that counteracts marine growth on surfaces such as ships and boat hulls, but also other marine installations. By increasing the resistance to growth in marine paint systems (e.g Antifouling coatings), fuel and maintenance costs are reduced. I-Tech has obtained the necessary regulatory approvals for Selektope and has several of the world's largest manufacturers of marine color as customers. The company's share is listed for trading on Nasdaq First North in Stockholm with Erik Penser Bank as Certified Adviser, phone: +46 (0)8 463 83 00, email: certifiedadviser@erikpenser.se.

This is information that I-Tech AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 20 of February 2019.

Documents & Links I-Tech AB January-December 2018 Year-end report
Read less

November 30, 2018 - I-Tech AB (publ) (ticker: ITECH) has received a supply order of its product Selektope® amounting to 36MSEK from Chugoku Marine Paints (CMP). The order will be delivered during 2019 and is based on past and scheduled supplies in 2018. This follow-up order fulfills CMP’s previous minimum commitments ahead of time.

Selektope® will be supplied throughout 2019 to all major key markets in the shipping industry targeting both new building and dry-docking demands. The order reflects the increased demand of I-Tech’s barnacle-repellant active agent within the range of marine antifouling products offered by CMP. Since their launch in 2016, CMP’s Selektope®-containing marine coatings SeaFlo Neo CF Premium and SeaGrand Prix 880HS Plus have gained considerable uptake in the market as they are designed and proven to optimize hull performance over an extensive time in operation.

”By evidence, many of the positive indications of convincing performance on a wide range of ship hulls is driving the demand in the market. As the potential to save fuel is continuously being demonstrated by these type of coatings, confidence is increasing in Selektope® being an attractive investment to improve profitability, reduce emissions and reduce risk of transporting invasive aquatic species”, says Philip Chaabane, I-Tech CEO.  

For additional information, please contact:
Philip Chaabane, CEO
M: +46 073-910 37 08
E: philip.chaabane@i-tech.se

Documents & Links I-Tech receives supply order worth 36 MSEK from Chugoku Marine Paints
Read less