[Edaily Reporter Kwon Oh Seok ] On the 5th, independent research firm Value Finder assessed that NUVOTEC Co., Ltd(060260)has put its new resource recycling business on track after being selected as SK hynix’s final contractor for the disposal of waste chemicals from semiconductor processes. Furthermore, the analysis notes that as the only integrated operator in Korea to have internalized water and sewage piping materials, trenchless technology, and retention basins, the company is accelerating its transformation into a “water tech platform” firm, similar to the global water technology company Xylem.

Founded in 1990 and listed on the KOSDAQ market in 2002, NUVOTEC Co., Ltd is a water and wastewater infrastructure specialist with 36 years of experience. Since developing Korea’s first high-rigidity PVC double-wall pipes in 1997, the company has made the manufacture of water and wastewater piping materials its core cash cow and has expanded its business scope across four pillars: trenchless pipeline repair and reinforcement, waste recycling, and eco-friendly de-icing agents.
NUVOTEC Co., Ltd is the only KOSDAQ-listed company in Korea to have fully integrated the entire range of plastic water and wastewater piping materials, a suite of new non-excavation pipeline rehabilitation technologies (NPR, ERS, OCR), and the stormwater retention tank business. By producing its own PVC profiles—a key raw material—the company has secured cost competitiveness with prices approximately 30% lower than those of competitors. Furthermore, having obtained environmental technology certifications across all areas of full and partial pipe rehabilitation, it has established substantial barriers to entry in the government procurement market.
Last July, the company signed an MOU with Mofing.ai, a firm specializing in AI and digital twins, to develop technologies for diagnosing and rehabilitating aging pipelines, and has begun establishing a one-stop smart pipeline management system that follows the sequence: “AI diagnosis → condition assessment → method selection and construction → maintenance.” Through this, the company aims to transition from the traditional one-time government contract model—where revenue ends once construction is complete—to a subscription-based service model where revenue accumulates as the number of assets under management increases. The company explains that Xylem—which started as a manufacturer of pumps and meters and has evolved into a “Water Tech Platform” that combines smart metering and digital water treatment solutions, thereby earning recognition for its premium valuation—serves as the model the company is striving to emulate.
NUVOTEC Co., Ltd was ultimately selected last June as the contractor for SK hynix’s resource recycling project for waste chemical containers used in semiconductor processes and began operations on July 1. The company is responsible for the collection, transportation, and recycling of containers for waste chemicals—such as spent acids and alkalis—generated at SK hynix facilities, including those in Icheon and Cheongju, as well as the future Yongin Mega Cluster. Analysts expect stable revenue growth, as the volume of materials processed is directly linked to semiconductor production levels.
In particular, since processing the collected waste into recycled pellets and reintroducing them into the company’s own piping material production lines reduces raw material procurement costs, the company is credited with establishing a circular economy model that simultaneously secures new revenue and improves cost efficiency. Jeon Woo-bin, a researcher at Value Finder, emphasized, “The resource recycling business for SK hynix is significant not so much for the new orders themselves, but as a reference demonstrating that the company has met the stringent environmental, safety, and health standards required by semiconductor firms.”
He added, “Since the value of the platform transition and the resource recycling business has not yet been reflected in the company’s valuation, a re-rating can be expected if the contribution to earnings becomes evident in the second half of the year.”