Xeros Technology Group PLC (LON:XSG) shares flowed higher on Friday morning as it inked a ten-year contract with a leading Mexican tannery.
AIM-quoted Xeros has developed a polymer-based technology which it reckons can cut water consumption by up to 80% in laundry cleaning, leather tanning and textile garment manufacture.
The deal signed today is with LEFARC, which produces leather for shoes and supplies companies such as Timberland.
Tanning technologies
The tannery trialled Xeros’ tech for a while and is expected to formally roll it out across its operations after March next year.
“This contract with LEFARC confirms that our tanning technologies are viable and play a valuable role in the production of leather,” said chief executive Mark Nichols.
“We have successfully validated our technology through re-tanning trials for over 40 different recipes with multiple tanneries in Europe and Mexico.
“The considerable interest we are seeing from leading tanneries is a strong indication of the potential to increase rapidly the deployment of our technology in what is a global scale industry - we expect to secure further contracts into the future.”
Shares rose 12.8% to 46.8p on Friday.