Xeros Technology Group plc India Domestic and Commercial Laundry Update (3920K)
December 21 2022 - 01:00AM
UK Regulatory
TIDMXSG
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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