Xeros Technology Group PLC (AIM:XSG) shares jumped 23% on Wednesday after the company announced a “breakthrough” agreement with one of the world’s ten largest washing machine manufacturers, paving the way for its eco-friendly technology to be used in mass-market appliances.
The AIM-listed company said it had signed a development and product launch agreement with the unnamed partner, a global leader that sells around seven million domestic washing machines each year across North and Latin America.
Under the paid-for deal, the two companies will work over the next 12 to 18 months to develop a new washing machine featuring Xeros’ patented XDrum and XOrbs technology, designed to reduce water and energy use while extending the life of clothing.
Once the project reaches commercial launch, Xeros expects to receive royalties for each machine carrying its Product Certification Mark, along with revenue from XOrbs sales.
The company said the agreement could lead to mass production under the manufacturer’s brand, with Xeros included as a sub-brand.
The shares rose 0.35p to 1.85p.