XFilter Joint Development Agreement

RNS Number : 7010A

Xeros Technology Group plc

27 September 2022

 

This announcement contains inside information

27 September 2022

Xeros Technology Group plc

('Xeros' or the 'Company' or the 'Group')

 XFilter Joint Development Agreement

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, today announces the signing of a joint development agreement ('JDA' or 'Agreement') with a global domestic washing machine component manufacturer for its microfibre filtration technology XFilter.  The supplier is headquartered in Europe with production facilities worldwide.

The JDA sets out a programme of product development for the manufacture of XFilter devices and an agreement of multi-year licensing terms. Work under the Agreement will commence immediately, shortly followed by commercial discussions, with an expectation to agree on terms in the next six months. Solutions to meet French legislationrequiring the fitting of microfibre filters in all domestic washing machines by 1 January 2025 are expected to drive revenue growth for Xeros in 2024. Similar legislation is also under discussion in Europe, the UK and California.

The Agreement is further endorsement of XFilter's market-leading status following earlier announcements from Xeros. These include independent test results from Hohenstein verifying XFilter's superior performance capability, alongside the commercial licensing agreement signed with Hanning Elektro-Werke Gmbh & Co.KG in June 2022.

In addition, Xeros continues to work with the Asian washing machine OEM and is in early stages of discussions on commercial licensing terms.

Neil Austin, Chief Executive Officer of Xeros, said:

"We are delighted to sign this joint development agreement with a global domestic washing machine component manufacturer for our XFilter technology. 

"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."

Enquiries:

Xeros Technology Group plc Neil Austin, Chief Executive Officer Paul Denney, Chief Financial Officer	Tel: [phone]
finnCap Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM Yellow Jersey PR Sarah Hollins/Lilian Filips/Laurie Gellhorn	Tel: [phone] 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 transform the performance, impact and economics of the fashion and washing machine industry. 

Xeros enable the scaling of their innovations and impact by licencing their 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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