Last checked at 9 Mar 2023 07:00
This announcement contains inside information
9 March 2023
Xeros Technology Group plc
('Xeros' or the 'Company' or the 'Group')
Second Global Domestic XFilter Licensing Agreement
Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, is pleased to announce the signing of a further licensing agreement for its XFilter filtration technology with a global component manufacturer, ('the partner' or 'manufacturer').
The partner, headquartered in Europe with manufacturing facilities across the globe, is a world-leading supplier of components, with over 300 million household appliances of all types incorporating parts made by this manufacturer currently deployed around the world. The partner supplies electro-mechanical components for the world's largest domestic washing machine manufacturers including, but not limited to, Haier, Whirlpool, Midea, Miele and Bosch.
Under the terms of the 5-year, non-exclusive agreement, the partner is licensed to manufacture and sell filters incorporating Xeros' proprietary XFilter technology on a worldwide basis. This will enable washing machine manufacturers to provide consumers with the ability to capture, and easily and safely dispose of over 90% of microfibres, including microplastics, released during laundry cycles. The filters are built into the washing machine and are designed to last the life of a machine. In 2021, 27.4 million automatic domestic washing machines were sold across Europe and 104 million were sold worldwide.1
This agreement significantly increases Xeros' market access and has the potential to deliver substantial revenue over the terms of the license. Under the terms of the agreement Xeros will receive a royalty per filter device sold by the partner.
Legislation in France requiring the fitting of microfibre filters in all domestic washing machines will come into effect on 1 January 2025. Similar legislation is in development in the UK, California, and the EU.
Neil Austin, Chief Executive Officer of Xeros, said:
"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 OEM's with filtration technology.
"We look forward to working with our partners to bring XFilter to the global market."
Enquiries:
Xeros Technology Group plc Neil Austin, Chief Executive Officer Alex Tristram, Director of Finance | Tel: 0114 321 6328
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finnCap Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM
Yellow Jersey PR Sarah Hollins/Annabelle Wills/Jazmine Clemens | Tel: 020 7220 0570
Tel: 020 3004 9512
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Notes to Editors
POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE
Born out of textile research and advancing new standards of performance and responsibility, Xeros' technologies revolutionise the way we make and clean our clothes, conserving water and preventing waste. Designed to impact industries and people on a global scale, Xeros transforms the performance, impact and economics of the fashion and washing machine industry.
Xeros enables the scaling of its innovations and impact by licencing its intellectual property to partners across the globe. Their work has, to date, created 38 patent families.
Xeros' technologies are already in use in major global industries, including commercial and home laundry and garment manufacture. So far, these technologies have saved millions of litres of water and could prevent billions of microfibres from ending in our oceans.
TO THE POWER OF CHANGE
xerostech.com
1 Source: Euromonitor