Peth-based materials technology firm Alexium International has signed an agreement with US-based Duro Textiles, to licence its flame retardant nylon products for military, upholstery and industrial workwear markets in North America.
Alexium announced today it had received a letter of intent from Duro to license its nylon treatment under an exclusive commercial agreement.
Alexium’s flame retardant technology for synthetic fabrics is based on a charring mechanism that extinguishes the flame while preventing any melting or dripping, chief technology officer Bob Brookins said.
Duro, a subsidiary of private equity firm Patriarch Partners, is one of the United States’ largest dyers, finishers and printers of textile products, and also a market leader in military fabrics.
Alexium’s stock shot up this morning, rising 1.8 cents to close at 10.5 cents.
Patriarch Partners textile platform managing director Edward Ricci said the company felt Alexium’s technology was “truly game-changing”.
“We are eager to further develop and commercialise this exciting technology for both military and commercial application,” Mr Ricci said.
The agreement will be formalised over coming weeks, while the companies have agreed to key terms of the commercial agreement, Alexium said.
Alexium chief operating officer Stefan Susta said Duro had great strength and presence in key markets for the company.
“We recognise Duro’s industrial production capacity, distribution and sales channels, and their ability to make a sizable investment in this technology,” he said.
Alexium said it was also looking to finalise similar agreements in Australasia, Europe and Asia.