Business
Second Global Domestic XFilter Licensing Agreement
Second Global Domestic XFilter Licensing Agreement.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \n \n This announcement contains inside information\n \n \n 9 March 2023\n \n \n \n Xeros Technology Group plc\n \n \n \n ('Xeros' or the 'Company' or the 'Group')\n \n \n \n Second Global Domestic XFilter Licensing Agreement\n \n \n \n Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, is pleased to announce the signing of a further licensing agreement for its XFilter filtration technology with a global component manufacturer, ('the partner' or 'manufacturer').\n \n \n The partner, headquartered in Europe with manufacturing facilities across the globe, is a world-leading supplier of components, with over 300 million household appliances of all types incorporating parts made by this manufacturer currently deployed around the world. The partner supplies electro-mechanical components for the world's largest domestic washing machine manufacturers including, but not limited to, Haier, Whirlpool, Midea, Miele and Bosch.\n \n \n Under the terms of the 5-year, non-exclusive agreement, the partner is licensed to manufacture and sell filters incorporating Xeros' proprietary XFilter technology on a worldwide basis. This will enable washing machine manufacturers to provide consumers with the ability to capture, and easily and safely dispose of over 90% of microfibres, including microplastics, released during laundry cycles. The filters are built into the washing machine and are designed to last the life of a machine. In 2021, 27.4 million automatic domestic washing machines were sold across Europe and 104 million were sold worldwide.1\n \n \n This agreement significantly increases Xeros' market access and has the potential to deliver substantial revenue over the terms of the license. Under the terms of the agreement Xeros will receive a royalty per filter device sold by the partner.\n \n \n Legislation in France requiring the fitting of microfibre filters in all domestic washing machines will come into effect on 1 January 2025. Similar legislation is in development in the UK, California, and the EU.\n \n \n \n Neil Austin, Chief Executive Officer of Xeros, said:\n \n \n \n \"This partnership further demonstrates the belief in the market-leading capabilities of our XFilter technology, and together with the existing Hanning agreement, allows us to reach and supply al...