Ugly Lab Co. , Ltd. announced on the 7th that it signed a strategic business agreement (MOU) with Econect Co., Ltd. to activate a waste-based circular economy.
Through this agreement, both companies agreed to cooperate in the efficient collection and transportation of waste, and the development of eco-friendly recycled materials and products using it.
This MOU is expected to be an opportunity for the two companies, which are receiving growth support from the Korea Environmental Industry & Technology Institute (KEITI) and the Seoul Economic Promotion Agency (SBA), to present a new paradigm for resource circulation. The two companies plan to conduct joint research and development on recycled materials and product production based on the collection of industrial and household waste to activate the circular economy.
Ugly Lab Co., Ltd. provides waste collection, transportation, and classification services through the 'Online Collection (ONL)' solution, and its main customers include general consumers as well as Toss and Fast Five. Ugly Lab also continuously collects a waste database using vision artificial intelligence technology, and through this, it is building a more sophisticated resource circulation solution.
Econect Co., Ltd. is developing recycled materials and finished products using waste through the 'Regenport' solution, and its major customers include various companies such as E-Mart, Yuhan Kimberly, and Our Home. In particular, Econect is developing precise materials and products by combining waste database and artificial intelligence technology, thereby accelerating the realization of a sustainable circular economy.
Seo Ho-seong, CEO of Ugly Lab, said, “Through this collaboration, we hope to contribute not only to the collection of waste but also to converting it into valuable resources,” and emphasized, “Through synergy with EcoConnect, we will build a more systematic circular economy model.”
“Through our collaboration with Ugly Lab, we will focus on going beyond simply processing the collected waste and turning it into new resources,” said Cho Min-hyung, CEO of EcoNect. “Based on this collaboration, we will work to expand our waste database and develop traceable materials and products.”
In line with this MOU, Econect plans to produce and supply Uglylab’s own MRO (maintenance, repair, and operating inventory) products using waste collected from Uglylab through Econect’s ‘Regenport’ solution by the second quarter of 2025.
The two companies plan to continue to create a sustainable circular economy model through effective use of waste and development of eco-friendly materials. Through this, it is expected that economic value will be created as well as environmental value.
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