(Sharecast News) - Xeros Technology Group announced a new licensing agreement with a global component manufacturer for its 'XFilter' filtration technology on Thursday.
The AIM-traded laundry technology specialist said the partner - a "leading supplier" of components with headquarters in Europe and manufacturing facilities globally - supplies electromechanical components for some of the world's largest domestic washing machine manufacturers.
It said the five-year, non-exclusive agreement would allow the partner to manufacture and sell filters with XFilter technology worldwide.
The filters, designed to last the life of a washing machine, would allow consumers to capture and safely dispose of more than 90% of microfibres, including microplastics, released during laundry cycles.
Xeros said the timing of this agreement was particularly relevant as legislation in France requiring the fitting of microfibre filters in all domestic washing machines was set to come in at the start of 2025.
Similar legislation was also in development in the UK, California, and the European Union.
"This partnership further demonstrates the belief in the market-leading capabilities of our XFilter technology, and together with the existing Hanning agreement, allows us to reach and supply all of the major original equipment manufacturers with filtration technology," said chief executive officer Neil Austin.
"We look forward to working with our partners to bring XFilter to the global market."
At 1316 GMT, shares in Xeros Technology Group were up 6.52% at 4.9p.
Reporting by Josh White for Sharecast.com.
Xeros Tech (XSG)