South Yorkshire-based Xeros Technology Group, which has created new ways of manufacturing and washing clothes that save water and reduce microplastics, said it had signed several new licensing agreements over the past year and cut its annual loss.

Xeros said it was in discussion with six of the 10 leading global domestic washing machine manufacturers to include its technology in their new machines. 

The company, which is still in the early stages of growth, said sales increased 81% to £0.3 million, helped by the new licensing revenue. Its adjusted EBITDA loss decreased 38% to £4.6 million. 

Xeros’ business model is to generate revenue primarily from licensing its technologies which help garment manufacturers, industrial laundries, domestic washing machine manufacturers and consumers reduce their environmental impact while improving efficiency. It currently has eight agreements in place. 

The company reckons the washing machine market for its technology to be worth £3 billion a year alone. It said on Tuesday it estimates an addressable global market opportunity of about £40 million to £50 million a year in the medium term.  

Neil Austin, Chief Executive Officer, said: “Our agreements with licensees moved closer to commercial launch, as we embarked on the crucial technology transfer process with both IFB and Yilmak Makina.” IFB Appliances is a washing machine maker and Yilmak makes garment-finishing machines. 

“In addition, the work undertaken to increase the Group’s commercial focus has resulted in a stronger than expected pipeline of potential new agreements,” added Austin. “We are now in discussion with 10 major organisations with interest across all the Group’s technologies.”