IFB Appliances now holds exclusive rights to use and incorporate some of Xeros’ water saving technologies in India
UK based Xeros Technology Group, the developer and provider of water saving technologies with multiple commercial applications, has signed an exclusive agreement to develop and license the Group’s domestic and commercial washing machine technologies to IFB Industries Limited. IFB is a India-based domestic appliance and commercial laundry equipment supplier in South Asia.
Mark Nichols, chief executive, Xeros, said, “IFB’s capabilities and market reach make them a very strong commercialisation partner in a country where water demand is expected to increase by more than 60 per cent over the next 30 years with some 80 per cent of the current population already impacted by water scarcity.”
IFB appliances, apart from washing machines and dryers, also retails microwaves, dishwashers, air conditioners and stabilizers in India. It also provides dish-washing as well as laundry solutions in the commercial space. The company now holds exclusive rights to use and incorporate some of Xeros’ water saving technologies in India.
Licensing Agreement for 10 years duration
Xeros, through and official statement said that the development and licensing agreement has a 10 year duration and covers the incorporation and commercialisation of Xeros’ water saving XOrb and XDrum technologies into selected ranges of IFB’s domestic and commercial sized washing machines.
The statement read, “Xeros will receive immediately a one-off exclusivity fee and during the development phase further payments when various milestones are reached. IFB will have access to Xeros’ technology and has been granted rights to the Indian market on an exclusive basis and for other South Asian territories on a non-exclusive basis. The contract has the provision to add additional territories on a non-exclusive basis. Xeros will also receive royalties based upon sales revenues after the machines have completed development.”
Nichols added, “This licensing agreement with the leading Indian OEM for both the domestic appliance and commercial laundry markets is another major milestone in the commercialisation of our cleaning technologies. With this agreement, IFB’s customers will be able to reduce water, detergent and energy consumption whilst simultaneously benefiting from improved cleaning performance and garment life extension.”