Xeros signs second deal with leading washing machine manufacturer

THE AIM-listed developer and provider of polymer based technologies with multiple commercial applications, has signed a second Symphony Project development deal with a leader in commercial laundry machines with what it described as a “significant presence in many major markets across the world”.

Xeros will incorporate its open source technology in the OEM’s machine for the purposes of technical validation and testing. Following the testing phase the parties anticipate the commencement of commercial negotiations.

Mark Nichols, Chief Executive, 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.”

In April 2017, Xeros launched Symphony Project, providing open source access to its innovative polymer technology to manufacturers of commercial washing machines. At the Clean Show in Las Vegas in June 2017 Xeros demonstrated its first fully working prototype and in September 2017, Xeros announced its first Symphony agreement with a major global OEM.

Symphony 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.

The development of Symphony Project is in line with Xeros’ strategy to commercialise its technology with partners, who already have strong market positions. It will enable the Group to make a financial return on its intellectual property and know-how with relatively low capital intensity.