India Domestic and Commercial Laundry Update

RNS Number : 3920K

Xeros Technology Group plc

21 December 2022

 

This announcement contains inside information.

21 December 2022

Xeros Technology Group plc

("Xeros", the "Group" or the "Company")

India Domestic and Commercial Laundry Update

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, today provides an update regarding its Domestic and Commercial Laundry partnership with IFB Industries Limited ('IFB'). IFB is India's largest domestic and commercial washing machine manufacturer.

IFB has now confirmed that it will begin placing its new premium 11kg domestic washing machines, designed for large households and incorporating Xeros' Care technology, in its Indian retail stores by the end of this calendar year.

This market launch will complement the ongoing preparation for field trials in January 2023 of a new 9kg domestic washing machine, designed for mass market adoption.  IFB is expected to install trial machines in Indian homes early in the new year. Subject to these field trials being successful, IFB will then proceed with a nationwide launch in Q1 2023.

In the Commercial Laundry market, IFB has commenced trials of a 90kg washing machine in Bangalore for Indian Railways. The machine has already been placed at the Railway Boot Laundry in Bangalore to trial the washing of linens used on sleeper trains across India. Indian Railways is one of the largest organisations in India and is an established customer of IFB. This trial follows another successful contract win for Xeros with Georges SAS, the Company's French commercial laundry partner, placing further IFB commercial machines with SNCF, the French national rail operator.

Xeros' financial guidance remains unchanged at this time and further updates on commercial progress will be made as appropriate.

Neil Austin, Chief Executive Officer of Xeros said:

"We continue to work in partnership with IFB and the imminent launch of the 11kg machine will enable consumers to use our proprietary technology in their home for the first time.  This is an exciting milestone for Xeros as we continue to accelerate new licence agreements.

"Xeros is also confident of future developments in the rail sector, both in India and France as our technology is more widely used in commercial machines.

"We look forward to updating shareholders on our progress in due course."  

Enquiries:

Xeros Technology Group plc Neil Austin, Chief Executive Officer Paul Denney, Chief Financial Officer	Tel: [phone]
finnCap (Nominated Adviser & Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM	Tel: [phone]
Yellow Jersey PR Sarah Hollins/Lilian Filips/Annabelle Wills	Tel: [phone]

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

 

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