REG - Xeros Tech Grp plc - India Domestic and Commercial Laundry Update

Xeros TechnologyAnnouncement

21/12/2022 07:00

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RNS Number : 3920K  Xeros Technology Group plc  21 December 2022

This announcement contains inside information.

 

21 December 2022

Xeros Technology Group plc

 

("Xeros", the "Group" or the "Company")

 

India Domestic and Commercial Laundry Update

 

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce
the impact of clothing on the planet, today provides an update regarding its
Domestic and Commercial Laundry partnership with IFB Industries Limited
('IFB'). IFB is India's largest domestic and commercial washing machine
manufacturer.

IFB has now confirmed that it will begin placing its new premium 11kg domestic
washing machines, designed for large households and incorporating Xeros' Care
technology, in its Indian retail stores by the end of this calendar year.

This market launch will complement the ongoing preparation for field trials in
January 2023 of a new 9kg domestic washing machine, designed for mass market
adoption.  IFB is expected to install trial machines in Indian homes early in
the new year. Subject to these field trials being successful, IFB will then
proceed with a nationwide launch in Q1 2023.

In the Commercial Laundry market, IFB has commenced trials of a 90kg washing
machine in Bangalore for Indian Railways. The machine has already been placed
at the Railway Boot Laundry in Bangalore to trial the washing of linens used
on sleeper trains across India. Indian Railways is one of the largest
organisations in India and is an established customer of IFB. This trial
follows another successful contract win for Xeros with Georges SAS, the
Company's French commercial laundry partner, placing further IFB commercial
machines with SNCF, the French national rail operator.

Xeros' financial guidance remains unchanged at this time and further updates
on commercial progress will be made as appropriate.

Neil Austin, Chief Executive Officer of Xeros said:

"We continue to work in partnership with IFB and the imminent launch of the
11kg machine will enable consumers to use our proprietary technology in their
home for the first time.  This is an exciting milestone for Xeros as we
continue to accelerate new licence agreements.

"Xeros is also confident of future developments in the rail sector, both in
India and France as our technology is more widely used in commercial machines.

"We look forward to updating shareholders on our progress in due course."

 

Enquiries:

 

 Xeros Technology Group plc                     Tel: 0114 321 6328

 Neil Austin, Chief Executive Officer

 Paul Denney, Chief Financial Officer

 finnCap (Nominated Adviser & Broker)           Tel: 020 7220 0500

 Julian Blunt/Teddy Whiley, Corporate Finance

 Andrew Burdis/Sunila de Silva, ECM

 Yellow Jersey PR                               Tel: 020 3004 9512

 Sarah Hollins/Lilian Filips/Annabelle Wills

 

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

 

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