Xeros Technology Group PLC said Wednesday it has signed a joint deMideavelopment agreement with Wuxi Little Swan Co Ltd, a Chinese washing machine maker.
shares were trading up 19% at 22.37 pence each on Wednesday morning.
Wuxi is a subsidiary of Midea Group, one of the largest manufacturer of washing machines worldwide.
The non-exclusive deal is for developing and designing a prototype utilising Xeros’ technologies. If successful, the agreement allows for both parties to enter into commercial discussions.
Xeros Chief Executive Mark Nichols said: “Our strategy is to license our technologies to major original equipment manufacturers who have significant market presence around the world.
“Following our agreement last July to license our commercial washing machine technology in China, this deal represents a major step forward for Xeros in the domestic washing machine market.”
Technology Group plc has taken another step towards commercialisation by signing an agreement with a prominent Chinese manufacturer to develop and design a prototype.