Airovation Technologies Ltd., an Israel-based climate-tech company, on Wednesday announced that it has signed a Memorandum of Understanding with South Korea-based Kolon Industries Inc. to collaborate on a three-phase scaleup process for CO2 capturing (carbon capture) at Kolon’s manufacturing facility. The MOU marks the latest milestone in the expanding commercial relationship between Israel and South Korea.
After Israel ratified a free trade agreement (FTA) with South Korea this past April, South Korea finalized its own ratification of the FTA on Sept. 27, paving the way for the agreement to go into force on Dec. 1. It is the first FTA that Israel has signed with an Asian country and reflects the growing strength of the Israel-Korea trade relationship.
On an annual basis, Israel exports approximately $1.5 billion to South Korea, while importing $2 billion in Korean goods. Now, the new MOU between Airovation Technologies and Kolon — a partnership facilitated by Ambassador of Israel to the Republic of Korea Akiva Tor — stands poised to take the countries’ partnership to the next level.
Developed over a decade of research at the Hebrew University of Jerusalem, Airovation Technologies’ core innovation is the in-situ generation of Superoxide Radical, the most powerful oxidizer in nature. The company’s completion of a $16 million Series A funding round — led by Dreamstone Partners and including the Yozma Group Korea as well as the Unid Global Corporation — led to a breakthrough for the carbon capture, utilization and storage (CCUS) industry, with Airovation Technologies’ patented chemical invention able to transform carbon dioxide emissions into valuable minerals and products that can be used in the food, feed, glass and fertilizer industries. The company’s unique solution provides a completely novel approach within the mineralization sector, which in collaboration with leading EPC companies and mineral traders, can produce unrivaled profitability and utilization.
“Airovation Technologies’ collaboration with Korean entities such as the Yozma Group, Unid Global Corporation, Dreamstone Partners and now Kolon Industries represents a match made in heaven from the perspective of igniting innovation,” said Gil Tomer, Co-Founder & COO at Airovation Technologies. “In particular, our South Korea-based partnerships showcase how the ‘start-up nation’ of Israel can provide the entrepreneurial mindset to drive innovation, while South Korea can bring to the table its expertise in the realm of scaling. These complementary assets and experiences will empower such enterprises and partnerships to flourish.”
As testament to Airovation Technologies’ status as a CCUS leader, the company has been selected to represent the State of Israel in a delegation of the Israeli Export Institute (IEI) at the renowned 2022 United Nations Climate Change Conference (COP 27) next month in Sharm El Sheikh, Egypt.
In addition to its innovation in the CCUS industry, Airovation Technologies has developed patented air purification technology, working with global brands in the indoor air quality (IAQ) solutions market. The technology is capable of purifying indoor air spaces by oxidizing dangerous microbiological threats such as viruses and bacteria, while converting harmful gasses into clean air. This prevents the negative impacts of CO2 on the environment, while simultaneously improving people’s productivity and wellbeing.
The MOU with Kolon is Airovation Technologies’ latest partnership in the Asian market. In September, Airovation announced an MOU with the Taiwan-based ASUSTek Computer Inc., for the megacorporation to explore utilizing Airovation’s air purification technology in the development, manufacturing and sale of products and solutions in Taiwan and APAC.