(Alliance News) - Xeros Technology Group PLC on Tuesday said it has signed a joint development agreement with a "global" washing machine component manufacturer for its XFilter technology.
Shares in the Rotherham, England-based environmental technology firm were trading 1.6% higher at 19.30 pence each in London on Tuesday morning.
XFilter is a microfibre filtration technology which prevents waste from machine washes ending up in the water supply.
The joint development agreement outlines a programme of product development for the manufacture of XFilter devices. Work will commence immediately.
Xeros noted legislation from the French government that requires the fitting of microfibre filters in all domestic washing machines by January 2025. It is expected this will drive revenue growth significantly in 2024. Similar legislation is under discussion in other parts of Europe, the UK, and the US state of California.
Xeros said the agreement was a "further endorsement" of XFilter's "market-leading status". It drew attention to the commercial licensing agreement signed with Hanning Elektro-Werke Gmbh & Co.KG in June. This agreement, Xeros said, was "game changing", as it brought the filter into the domestic washing machine market for the first time. Hanning components are incorporated in about 8.5 million washing machines annually.
Chief Executive Officer Neil Austin said: ""Xeros has seen a significant increase in interest in XFilter since the announcement of the Hanning licensing agreement and the development agreement with a second European component supplier helps build the pipeline for XFilter. We are committed to bringing solutions to market that protect our planet for the future and working with partners that share those values and see the superior performance and capabilities XFilter offers their customers."
By Chris Dorrell; chrisdorrell@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Xeros Tech (XSG)