LONDON (ShareCast) - (ShareCast News) - Polymer-based technologies developer Xeros Technology Group has signed its first 'Symphony Project' development agreement with a "leading manufacturer" of commercial washing machines, it announced on Monday.
The AIM-traded company said the unnamed manufacturer is a "leader" in commercial laundry machines, with a significant presence in many major markets across the world.

Under the terms of the development agreement, Xeros would incorporate its 'open source' technology in the manufacturer's machine for the purposes of technical validation and testing.

Following the testing phase the parties anticipate the commencement of commercial negotiations.

In April, Xeros announced the 'Symphony Project', providing 'open source' access to its polymer technology to manufacturers of commercial washing machines, which it subsequently launched at the Clean Show in Las Vegas in June to demonstrate its first fully working prototype to the industry.

The Xeros board said the 'Symphony Project' would enable manufacturers to sell their own-branded products as well as receiving a share in the long-term savings that the Xeros technology reportedly delivered.

It said the development of the 'Symphony Project' was in line with Xeros' strategy to commercialise its technology with partners, who already had strong market positions.

It would enable the group to make a financial return on its intellectual property and know-how with relatively low capital intensity.

"This represents a significant milestone for our cleaning technologies business," said Xeros chief executive Mark Nichols/

"The scale and market presence of our OEM partner demonstrates the industry's increasing understanding and acceptance of our technology.

"With a proven technology, and growing demand for the sustainability, performance and economic benefits our technology delivers, Symphony Project will enable us to significantly accelerate the commercialisation of our technology."

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