StockMarketWire.com - Water-saving technology supplier Xeros Technology Group said it had signed a joint development agreement with Wuxi Little Swan Company, a subsidiary of Chinese home appliance manufacturer Midea Group.

The non-exclusive pact involved designing and developing a prototype washing machine including Xeros' technologies.

If successful, the agreement allowed for both parties to enter into commercial discussions under a separate agreement and timetable.

In 2017, Wuxi Little Swan sold 12.4m washing machines in China, giving it a 28% share of the retail market.

'Our strategy is to license our technologies to major original equipment manufacturers who have significant market presence around the world,' chief executive Mark Nichols said.

'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.'


At 1:10pm: [LON:XSG] Xeros Technology Group Plc share price was +1.05p at 19.9p



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