Major development deal for tech cleaning group
Laundry technology group Xeros has signed a major development agreement with a well-known manufacturer of commercial washing machines.
The Rotherham-based group, which is listed on the AIM market of the London Stock Exchange, said its original equipment manufacturer (OEM) partner is a leader in commercial laundry machines with a “significant presence” in many major markets across the world.
Under the terms of its first Symphony Project development agreement, Xeros will incorporate its ‘open source’ polymer bead technology in the OEM’s machine for the purposes of technical validation and testing.
Commercial negotiations are expected to commence following the testing phase.
“This represents a significant milestone for our Cleaning Technologies business. The scale and market presence of our OEM partner demonstrates the industry's increasing understanding and acceptance of our technology,” Xeros chief executive Mark Nichols said.
“With a proven technology, and growing demand for the sustainability, performance and economic benefits our technology delivers, Symphony Project will enable us to significantly accelerate the commercialisation of our technology."
Xeros announced its 'Symphony Project' in April this year. The project will provide open source access to its innovative polymer technology - which reduces water usage by 70 per cent and energy needs by 50 per cent - to manufacturers of commercial washing machines.
According to company, the project will enable manufacturers to sell their own-branded products as well as receiving a share in the long-term savings that the Xeros technology delivers.