Shares in Xeros Technology (XSG) surged on news that it had signed its first ‘Symphony Project’ development agreement with a “leading manufacturer” of commercial washing machines.
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Aim-traded Xeros, a producer of polymer-based cleaning and leather treatment technologies, said the deal struck would incorporate its 'open source' technology in the manufacturer’s machine for technical validation and testing. The ‘Symphony Project’ is designed to enable manufacturers to sell their own-branded products as well as receiving a share in the long-term savings that the Xeros technology delivers. The idea is that the group will increasingly make financial returns on its intellectual property with relatively low capital intensity.
