Xeros Technology Group (XSG)

Sector:

Engineering

Index:

FTSE AIM All-Share

1.20p
   
  • Change Today:
    -0.038p
  • 52 Week High: 10.23
  • 52 Week Low: 0.35
  • Currency: UK Pounds
  • Shares Issued: 1,983.76m
  • Volume: 3,139,662
  • Market Cap: £23.81m

Xeros shares surge on deal with washing machine maker

By Josh White

Date: Tuesday 17 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Water saving and filtration technology company Xeros Technology Group has signed a joint development agreement with an unnamed "global leader" in commercial laundry, it announced on Tuesday, with the aim of incorporating its microplastic filtration system 'XFiltra' into commercial washing machines.
The AIM-traded firm said washing textiles containing synthetic fibres, such as nylon or polyester, was a major source of microplastic pollution, claiming that globally, it accounted for 35% of primary microplastics released into oceans each year.

It added that as many as 700,000 microplastic fibres could be released in the wastewater from a single load of domestic laundry.

Xeros said its patented filtration system, XFiltra, removed up to 99% of those microplastic fibres from laundry effluent.

The device lasted for the lifetime of the washing machine, and did not use disposable filter cartridges.

It said its joint development partner aimed to be the first company in the world to provide commercial laundries with washing machines fitted with microplastic filtration.

On successful completion of the joint development, the agreement provided for the negotiation of a commercial agreement to license Xeros' filtration technology in a number of geographies in exchange for royalties.

"This invisible form of plastic pollution is highly damaging to our environment and wildlife, and is one of the ways in which microplastics are readily entering our food chain," said chief executive officer Mark Nichols.

"Having developed our filtration solution over the last three years, we are delighted to be working with one of the world's most respected and environmentally aware commercial laundry solution providers."

Nichols said the company believed XFiltra to be "the most effective" product available, enabling companies and consumers to substantially reduce microplastic pollution from laundry.

"Legislation currently being passed in various geographies will hasten and increasingly mandate adoption of in machine filtration in order to remove microplastics from washing machine effluent streams."

At 1400 GMT, shares in Xeros Technology Group were up 36.17% at 0.48p.

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XSG Market Data

Currency UK Pounds
Share Price 1.20p
Change Today -0.038p
% Change -3.03 %
52 Week High 10.23
52 Week Low 0.35
Volume 3,139,662
Shares Issued 1,983.76m
Market Cap £23.81m

XSG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
25.19% below the market average25.19% below the market average25.19% below the market average25.19% below the market average25.19% below the market average
57.89% below the sector average57.89% below the sector average57.89% below the sector average57.89% below the sector average57.89% below the sector average
Price Trend
47.41% below the market average47.41% below the market average47.41% below the market average47.41% below the market average47.41% below the market average
41.46% below the sector average41.46% below the sector average41.46% below the sector average41.46% below the sector average41.46% below the sector average
Income Not Available
Growth
54.76% below the market average54.76% below the market average54.76% below the market average54.76% below the market average54.76% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average

XSG Dividends

No dividends found

Trades for 08-Jul-2020

Time Volume / Share Price
10:48 2,000,000 @ 1.39p
10:56 2,519 @ 1.29p
10:52 500,000 @ 1.20p
10:52 57,143 @ 1.20p
10:52 200,000 @ 1.20p

XSG Key Personnel

Finance Director Chris Hanson
CEO Mark Nichols
CFO Paul Denney
Chair Klaas de Boer

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