Functional material bio company Novalacto (CEO Yongjin Hwang) announced on the 26th that it signed a contract with Mongolian bone powder specialist STSFOODS for the export of its 'Haruresipi' brand products worth 100,000 dollars and bone powder technology development.
Through this contract, Novalacto will export its self-developed functional health food brand, ‘Harurepi’, to Mongolia, and at the same time, it will begin research cooperation with STSFOODS by officially requesting technology development for the functional materialization of bone powder.
The contract signing ceremony was held at the Novalacto headquarters research center (Yuseong-gu, Daejeon) with the attendance of representatives and key officials from both companies, and a practical cooperation system was established.
Through this agreement, Novalacto plans to accelerate its entry into the Mongolian market and also begin full-scale technological research to increase the added value of livestock by-products.
Novalacto is an incubated company of the Daejeon Creative Economy Innovation Center (CEO Daehee Park, hereinafter referred to as the Daejeon Innovation Center), and has had the opportunity to collaborate with STSFOODS by participating in the 'Pitch to Partnership' jointly hosted by the Daejeon Innovation Center and the Mongolia Science Park Administration (CEO Amarsanaa Badgaa, Science Park Administration of Mongolia).
In particular, STSFOODS visited the 'Startup Korea Investment Week (SIW)' held last year and made technology development cooperation with Novalacto visible.
Meanwhile, STSFOODS is a company specializing in processed raw materials based on livestock by-products in Mongolia, and is seeking to expand its business into the functional health ingredients sector through cooperation with Novalacto.
Novalacto CEO Hwang Yong-jin said, “This contract is a strategic partnership that simultaneously realizes product exports and technological cooperation,” and added, “Starting with the Mongolian market, we will prove Novalacto’s technological prowess in the global functional materials market.”
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