REG - Xeros Tech Grp plc - First Global Domestic XFilter Licensing Agreement

Xeros TechnologyAnnouncement

14/06/2022 07:00

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RNS Number : 7122O  Xeros Technology Group plc  14 June 2022

 

14 June 2022

This announcement contains inside information

 

 

Xeros Technology Group plc

 

('Xeros' or the 'Company' or the 'Group')

 

First Global Domestic XFilter Licensing Agreement

 

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce
the impact of clothing on the planet, is pleased to announce the signature of
a licensing agreement for its XFilter filtration technology with Hanning
Elektro-Werke Gmbh & Co.KG. ('Hanning').

 

Hanning, headquartered in Oerlinghausen, Germany is a world leading
manufacturer of components for the appliance industry, including pumps and
motors for some of the world's largest domestic washing machine manufacturers.
 In 2020, 24.2 million automatic domestic washing machines were sold across
Europe and 95.7 million were sold worldwide i  (#_edn1) . Hanning components
are incorporated in the washing machines of some of the world's leading brands
and therefore this agreement is transformational for Xeros. It has the
potential to deliver significant revenues from late 2023 onwards.

 

Under the terms of the 10-year, non-exclusive agreement, Hanning will
manufacture and sell filters incorporating Xeros' proprietary XFilter
technology. 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.

 

Hanning is establishing a production line to meet demand from their customers
ahead of new legislation in France requiring the fitting of microfibre filters
in all domestic washing machines by 1 January 2025. Similar legislation is in
development in the UK. Xeros is already working alongside Hanning on the
integration of XFilter within the washing machines of a number of their
existing customers.

 

Under the terms of the agreement Xeros will receive a royalty per filter
device sold by Hanning. The royalty amount is commercially sensitive, but
Xeros can confirm that the commercial terms of the agreement are in line with
the Board's expectations and, as previously communicated, Xeros expects to
begin receiving royalty revenues from Hanning in late 2023.

 

In addition, Xeros continues to make progress under the XFilter development
agreement previously announced with a large, Asian-based washing machine OEM.

 

Klaas de Boer, Chairman of Xeros, said:

 

"The ambition we have been working towards is for Xeros' XFilter technology to
establish the de facto standard for legislators and to be the device of choice
for all washing machine manufacturers. Our solution is designed to be the most
efficient, most reliable, most durable and the easiest to use. This agreement
with Hanning is testament to the fact that our solution achieves these
objectives. Hanning's customers are now working with us and Hanning for
incorporation into their machines.

 

"Doing so enables them to meet the legislation in France with the expectation
that filtration will be mandated across the EU and in the UK.

 

"Through their adoption of this technology, the washing machine industry will
radically reduce the largest source of primary microplastic pollution which is
from washing our clothes at home."

 

 

 

 

Enquiries:

 

 Xeros Technology Group plc                       Tel: 0114 321 6328

 Mark Nichols, Chief Executive Officer

 Paul Denney, Chief Financial Officer

 finnCap Limited (Nominated Adviser and Broker)   Tel: 020 7220 0570

 Julian Blunt/Teddy Whiley, Corporate Finance

 Andrew Burdis/Sunila de Silva, ECM

 Yellow Jersey PR                                 Tel: 020 3004 9512

 Sarah Hollins/Lilian Filips/Laurie Gellhorn

 

Notes to Editors

 

POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE

 

Born out of textile research and advancing new standards of performance and
responsibility, Xeros' technologies revolutionise the way we make and clean
our clothes, conserving water and preventing waste. Designed to impact
industries and people on a global scale, Xeros transforms the performance,
impact and economics of the fashion and washing machine industry.

 

Xeros enables the scaling of its innovations and impact by licencing its
intellectual property to partners across the globe. Their work has, to date,
created 38 patent families.

 

Xeros' technologies are already in use in major global industries, including
commercial and home laundry and garment manufacture. So far, these
technologies have saved millions of litres of water and could prevent billions
of microfibres from ending in our oceans.

TO THE POWER OF CHANGE

xerostech.com (http://www.xerostech.com/)

 

About Hanning

HANNING ELEKTRO-WERKE GmbH & Co. KG has more than 70 years of experience
and expertise gained as a global specialist for customer-specific drive
systems and components. Its product line ranges from AC and three-phase
motors, linear actuators, frequency inverters and fan drives through to drain
and circulation pumps. They develop and produce customized drive solutions
worldwide based on the slogan "moving ideas".

www.hanning-hew.com (http://www.hanning-hew.com)

 i  (#_ednref1) Source: Euromonitor

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