Global marine coating company product launch
A leading global marine coating company, PPG, has introduced a new antifouling product containing I-Tech's Selektope within its premium range of coatings (PPG NEXEON 810). The roll-out is underway and the product will soon be available in all relevant regions for the commercial shipping industry. This brings the total number of customers with products on the market up to 4 (out of ~9 relevant potential customers who control ~80% of the market). The company is expecting that one additional customer may launch later this year. We see this as a positive for the company as customers are going forward with I-Tech despite the regulatory concerns in the EU. This provides further support for '24e-'26e sales.
The new product boasts several key features, including very low levels of biocidal coating, extended idling time, and significant contributions to a more sustainable marine transport sector through reduced fuel consumption and emissions.
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