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Xeros signs development agreement with major manufacturer
Polymer-based technologies company Xeros Technology Group has signed a second Symphony Project development agreement with another commercial washing machine manufacturer.
The deal would see Xeros incorporate its open source technology into the unnamed manufacturer's machines for technical validation and testing purposes, with both parties anticipating commercial negotiations to begin after the testing phase.
Mark Nichols, chief executive of Xeros, said, "This represents a further significant milestone for our Cleaning Technologies business. The scale and market presence of another OEM partner demonstrates the industry's increasing understanding and acceptance of our technology."
"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," he added.
Xeros highlighted the deal's ability to make a financial return on its intellectual property and know-how with relatively low capital intensity.
As of 1540 GMT, shares had gained 7.67% to 246.56p.