Xeros Tech Share News (XSG)

(Sharecast News) - Xeros Technology Group has signed an exclusive agreement to develop and license its domestic and commercial washing machine technologies to IFB Industries Limited.The development and licensing agreement has a 10-year duration and covers the incorporation and commercialisation of the water saving specialist's XOrb and XDrum technologies into selected ranges of IFB's domestic and commercial sized washing machines.Xeros will immediately receive a one-off exclusivity fee and during the development phase further payments when various milestones are reached. It will also receive royalties based on sales revenues after the machines have completed development.Mark Nichols, chief executive of Xeros, said: "This licensing agreement with the leading Indian OEM for both the domestic appliance and commercial laundry markets is another major milestone in the commercialisation of our cleaning technologies."Sales of commercial washing machines and domestic washing machines incorporating Xeros' technologies are planned to commence in India in 2020 and 2021 respectively."IFB's capabilities and market reach make them a very strong commercialisation partner in a country where water demand is expected to increase by more than 60% over the next 30 years with some 80% of the current population already impacted by water scarcity," said Nichols. "With this agreement, IFB's customers will be able to reduce water, detergent and energy consumption whilst simultaneously benefitting from improved cleaning performance and garment life extension."Xeros Technologies shares were up 8.83% at 10.60p at 1027 BST.