I-TECH GRANTED LOAN FROM THE SWEDISH ENERGY AGENCY

The Swedish Energy Agency (“Energimyndigheten”) has granted I-Tech a conditional loan of 7.965 MSEK to develop a product that prevents barnacles growing on the hulls of boats. Clean boat hulls saves considerable fossil fuel for the shipping industry.

- I-Tech's product may pose a major technology change where the industry can go from heavy metals in high concentrations to a "smart" organic molecule that both reduces the use of fossil fuels and solve a major environmental problem, says Binella Vannesjö, Business Developer at The Swedish Energy Agency.

I-Tech's product Selektope reduces the shipowners’ energy use by preventing barnacles and other shell-building marine organisms growing on ship hulls. Marine biofouling can double the fuel consumption compared with a clean hull.

What is unique with Selektope is that it affects the fouling barnacle larval behavior instead of killing them. To protect a large ship today requires tons of copper based antifouling pain, which can be dramatically decreased if using Selektope as the principle marine biocide instead.

The company was founded in 2000 and was based on a research project at Gothenburg University and Chalmers University of Technology. Research into the behavior of interfering substances to marine organisms resulting in the product Selektope, which in turn laid the foundation for I-Tech's development. It has been shown that the product has the potential to contribute to solving one of the biggest problems for the shipping industry, which is high energy use for reliable operations.

The company is a Swedish research-based technology company with a strong, experienced team consisting of, inter alia, CEO Per Jansson, who has 25 years of experience in research-based companies. Lena Lindblad, R & D manager, co-inventor to Selektope and associate professor of zoology. I-Tech has patented both the use of Selektope, and techniques for controlling the release of the substance from marine paint.

The overall objective of the Agency's loan is to verify and validate the I-Tech's technology in order to facilitate the commercialization of the technology.

-We are very pleased that The Swedish Energy Agency confirmed our product's relevance to energy, which together with the environmental benefits gives us a push forward with our launch plans for the international shipping industry, says Per Jansson, CEO of I-Tech.

All production will be done by Cambrex Karlskoga AB qualified contract manufacturer of organic chemicals.

Contact: Binella Vannesjö, Business Development, The Swedish Energy Agency tel: +46 (0)16-544 23 45, Per Jansson, CEO, I-Tech, tel +46 (0) 709 17 47 46