'OysterAble Participates in Trade Center Testbed, Signs Contract with WTC Seoul'

[Asia Economy Reporter Jeong Hyunjin] The Korea International Trade Association (KITA) announced on the 21st that Oyster Able, an eco-friendly startup that participated in KITA's 'Trade Center Testbed' project, has successfully signed an official contract to provide its solution.

Oyster Able operates a business where users can deposit used transparent PET bottles into collection bins and earn points through the 'Today's Recycling' application (app). These points can later be used to purchase items such as T-shirts made from recycled PET bottles. The company has been participating in KITA's Trade Center Testbed project since 2019. Last year, it installed six IoT-based transparent PET bottle collection bins inside the COEX exhibition hall and underwent a proof of concept (PoC) for technology verification.

Oyster Able's 'Today's Recycling' App Description Materials

WTC Seoul, which manages facilities including COEX, Trade Tower, and ASEM Tower, signed an official contract with Oyster Able on the same day to increase the number of transparent PET bottle collection bins inside the COEX exhibition hall from six to twelve. The goal is to collect 5 tons of transparent PET bottles over the next year. Five tons of transparent PET bottles can produce 10,000 upcycled T-shirts and reduce over 20 tons of carbon dioxide annually.

KITA stated that Hanwha Solutions played a significant role in this official contract signing. Since 2019, Hanwha Solutions has supported the cost of introducing Oyster Able's collection bins. On the same day, KITA signed a written business agreement with Hanwha Solutions to jointly discover and support scaling up outstanding startups in the ESG (Environmental, Social, and Governance) sector.

Park Seon-kyung, Head of the Innovation Ecosystem Office at KITA, said, "With ESG management being a hot topic recently, we are pleased that through the testbed project, we can contribute to ESG management participation for tenants and visitors, and provide scaling-up opportunities for startups." She added, "We will continue to strive to make the Trade Center a testbed that helps startups achieve practical scaling up."

Meanwhile, the Trade Center Testbed project is ongoing this year as well. Companies wishing to participate can apply through the open innovation platform Innobranch by July 27.

This content was produced with the assistance of AI translation services.