Willings Signs MOU to Jointly Promote Reclaimed Water Business with Rewater World

Willings announced on the 15th that it has signed a Memorandum of Understanding (MOU) with the eco-friendly recycling water-saving specialist company Rewater World, focusing on the sale of shares and management rights as well as the joint promotion of the reclaimed water business.

According to the MOU, Rewater World can acquire Willings' shares and management rights through consultations with Willings' existing largest shareholder, J-Sco Holdings. Rewater World is actively negotiating the acquisition with J-Sco Holdings.

Willings plans to jointly promote the construction of eco-friendly infrastructure, including the reclaimed water business, based on its expertise in eco-friendly and energy business fields with Rewater World.

Reclaimed water refers to the process of treating used tap water so that it can be reused as domestic water and industrial water. Reclaimed water is a representative eco-friendly facility that reduces tap water consumption and decreases sewage generation, thereby contributing to water resource conservation.

Founded in 2017, Rewater World is a specialist company in eco-friendly recycling water-saving devices and is the only company worldwide to sell internationally patented recycling water-saving devices. Rewater World's recycling water-saving devices are characterized by implementing the same water-saving performance at about one-fifth of the installation cost compared to competitors.

Rewater World also significantly contributed to funding necessary for the reclaimed water business. On the 13th, Rewater World participated in Willings' third-party allotment capital increase worth 20 billion KRW and attracted investors for the issuance of the second tranche of convertible bonds worth 20 billion KRW. The payment for the capital increase and convertible bonds is scheduled for August 10.

A Willings representative said, “Willings and Rewater World are specialized companies in the fields of renewable energy and reclaimed water business, respectively, so synergy is expected,” adding, “By combining the technologies and know-how of both companies, we aim to contribute to creating a green new deal environment and promote a comprehensive eco-friendly infrastructure construction business.”

He continued, “Based on a total fund of 40 billion KRW and the various networks held by both companies, we will transform into a truly eco-friendly specialist company encompassing not only renewable energy but also environmentally friendly infrastructure.”