There is not a place where hot water does not flow, from the shower in the morning to heating. However, the use of fossil fuels in the water heating process results in significant carbon emissions. In an era where environmental, social, and governance (ESG) factors are becoming important, I believed that technology for heating water in an eco-friendly manner is competitive.
Kim Dong-muk, the CEO of the eco-friendly water heating technology startup Awesome Lab, explained this as the reason for starting the business.
Awesome Lab developed technology for heating water based on electrolysis ionization in 2022. Electrolysis ionization is a process that uses electrical energy to chemically decompose water to produce hydrogen and oxygen. It is mainly used to produce eco-friendly hydrogen energy.
Since then, Awesome Lab has been selling its portable outdoor 'Water Warmer.' When the Water Warmer is placed in water, the water is heated. It can be considered a portable water heater for camping and leisure activities. Kim noted, “In the past, I often went camping and needed hot water frequently,” adding, “During that process, I thought about making a portable Water Warmer.”
Kim emphasized, “The technology developed by Awesome Lab is not only eco-friendly by replacing fossil fuels when heating water, but it can also heat water quickly with lower power by directly circulating (convection) high-temperature water to minimize heat loss.” He noted that they will utilize over 15 intellectual property rights, including electrolysis ionization, to develop more than one eco-friendly convergence sports product and service each year.
Awesome Lab explained that after commercializing the portable outdoor Water Warmer in the second half of 2022, it has recorded cumulative sales of over 1.2 billion won until this year. In September and October, they secured a total of 400 million won in seed investment. Additionally, in 2023, they signed a memorandum of understanding (MOU) for the supply of sterilization water generators valued at $1 million with White Labs Concierge Lab Services, which sells household goods in the U.S. They also participated in the Consumer Electronics Show (CES) 2023-2024, the world's largest electronics and information communication technology exhibition.
Awesome Lab plans to further advance its technology beyond B2C (business-to-consumer) to enter B2B (business-to-business) sectors that require hot water supply and heating, including commercial facilities, residential buildings, smart farms, and smart cities. To achieve this, they aim to complete 90% of technology development this year and plan to sell products in 2025. Furthermore, they target domestic sales of about 7.8 billion won and exports of $2 million by 2026.
Kim showed confidence in business expansion, having experience across design and marketing fields. He gained recognition for his design ability by being selected for the 'Red Dot Design Award 2015,' regarded as one of the top three design awards in the world. He also spent eight years handling overseas sales at a marketing company.
Kim stated, “Since resorts and hotels also use heating, we are preparing to offer products or services targeting them,” adding, “The employees of Awesome Lab have combined their design and marketing experience with eco-friendly heating technology, based on more than 100 projects completed over seven years before starting the company, to create a sustainable business model.”
Meanwhile, Awesome Lab is a resident company within the Campus Town of Soongsil University, receiving support from both the city of Seoul and the Campus Town of Soongsil University. The Soongsil University Campus Town Promotion Team selects promising startups as resident companies and plans and promotes various startup and incubation programs, including providing startup support spaces, practical education for startup operations, support for enhancing startup items, and ongoing consultations with experts in various business fields.