Friday, January 25, 2019

News: Xeros deal to make revolutionary domestic washing machine a reality

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Rotherham-based Xeros Technology Group plc has taken another step towards commercialisation by signing an agreement with a prominent Chinese manufacturer to develop and design a prototype.

Based on the Advanced Manufacturing Park (AMP), Xeros is a Leeds University spin-out that uses polymer technology to significantly reduce the amount of water used in a number of major applications. The AIM-listed firm is moving to "IP-rich, capital-light" business models.

Xeros has signed a Joint Development Agreement (JDA) with Wuxi Little Swan Company Limited, a subsidiary of Midea Group, the Chinese manufacturer of home appliances. Midea is one of the world's largest manufacturers of domestic washing machines.

The scope of the non-exclusive JDA is to develop and design a prototype including Xeros' technologies. If successful, the agreement allows for both parties to enter into commercial discussions under a separate agreement and timetable.

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In 2017 Wuxi Little Swan Company sold 12.4m washing machines in China giving it a 28% share of the retail market. It also exported 3.87 million washing machines.

Mark Nichols, chief executive of Xeros, said: "Our strategy is to license our technologies to major OEMs who have significant market presence around the world. Following our agreement last July to license our commercial washing machine technology in China, this JDA represents a major step forward for Xeros in the domestic washing machine market."

Setting out plans to raise a further £20m, Xeros discussed a project which enables Xeros technology to be embedded in the production lines of existing domestic washing machine manufacturers. Xeros will look to receive up-front payments and a royalty per machine sold.

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The JDA follows on from licensing deal signed with a subsidiary of the market-leading Chinese commercial washing machine manufacturer Jiangsu SeaLion Machinery. It will see SeaLion integrate Xeros' technology in its commercial washing machines and sell them though its own extensive distribution network in China on an exclusive basis.

Xeros website
Midea website

Images: Xeros

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