Xeros inks development agreement with Chinese OEM

Water saving technology outfit Xeros has inked a joint-development agreement with a Chinese domestic washing machine original equipment manufacturer.

Xeros will partner with Wuxi Little Swan - a subsidiary of Midea, one of the world's largest manufacturers of domestic appliances - to incorporate its products into the 12.4m washing machines the company sells in China every year.

The AIM-listed firm said the non-exclusive agreement would also see the duo develop and design a prototype which, if successful, could lead into commercial discussions under a separate agreement and timetable.

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."

As of 0935 GMT, Xeros shares had soared 18.04% to 22.25p.