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(Alliance News) - Xeros Technology Group PLC shares more than doubled on Tuesday after the firm's washing machine filtration technology was accredited and then signed a licensing agreement.
Shares in Xeros were trading at 67.00 pence each in London on Tuesday mid-morning, after closing at 32.5p on Monday.
The Rotherham, England-based developer and licensor of platform technologies said a testing institute based in Bonnigheim Germany, Hohenstein, accredited Xeros' filtration device, XFilter, with the highest level of performance.
The test was requested as part of a test and trial agreement signed with Xeros in July 2021.
"The test analysed the retention rate of microplastics using an XFilter device integrated into a washing machine provided by our OEM partner," Xeros explained. "These independently conducted tests consistently showed performance levels of over 99% capture rate, thereby confirming XFilter as the leading commercially available microplastic filtration device."
Chair Klaas de Boer said the results were "accelerate progress" for XFilter.
Separately, Xeros said it has signed a licensing agreement for XFilter with Hanning Elektro-Werke Gmbh & Co KG. Hanning, headquartered in Oerlinghausen, Germany manufacturers components for the appliance industry.
Xeros said the deal has the "potential to deliver significant revenues from late 2023 onwards".
The 10-year non-exclusive agreement will see Hanning manufacture and sell filters using XFilter technology.
It said: "Hanning is establishing a production line to meet demand from their customers ahead of new legislation in France requiring the fitting of microfibre filters in all domestic washing machines by 1 January 2025. Similar legislation is in development in the UK. Xeros is already working alongside Hanning on the integration of XFilter within the washing machines of a number of their existing customers."
Xeros will receive a royalty per filter device sold by Hanning.
"The royalty amount is commercially sensitive, but Xeros can confirm that the commercial terms of the agreement are in line with the board's expectations and, as previously communicated, Xeros expects to begin receiving royalty revenues from Hanning in late 2023," it added.
By Paul McGowan; paulmcgowan@alliancenews.com
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