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Xeros Technology Group PLC announced Tuesday that it has entered into a joint development agreement with a “global” washing machine parts manufacturer for its XFilter technology.
Shares of the Rotherham, UK-based environmental technology company were trading at 19.30 pence each in London on Tuesday morning, up 1.6 percent.
XFilter is a microfiber filtration technology that prevents washing machine waste from entering the water supply.
The joint development agreement outlines a product development program for manufacturing XFilter devices. Work will begin immediately.
Similar legislation is being debated in other parts of Europe, the United Kingdom and California in the United States.
Xeros took note of a French government law that requires all home washing machines to have microfiber filters by January 2025. This is expected to significantly boost revenue growth in 2024.
Xeros said the agreement is a “further confirmation” of his XFilter’s “market-leading position.” She referred to a commercial license agreement she signed with Hanning Elektro-Werke GmbH & Co.KG in June.
the agreement was “groundbreaking” because it introduced the filter to the home washing machine market for the first time. Hanning components are installed in approximately 8.5 million washing machines each year.
Chief Executive Officer Neil Austin said: We are committed to bringing solutions to the market that protect the planet for the future, and working with partners who share these values and understand the superior performance and capabilities that XFilter offers its customers. “