HeiQ PLC on Monday said that its life science business unit has signed a ‘significant’ distributor agreement with Ecolab Inc to supply its Synbio cleaners.
According to the Swiss-based materials and textiles company, the agreement is for five years, and will see Ecolab offer its customers a range of cleaning products developed using HeiQ’s Synbio technology platform.
HeiQ will receive an initial upfront payment of €1.8 million, which will go towards supporting the investment needed for the first two years of market introduction.
If successful, it will also provide additional minimum contractual orders for the following three years, generating minimum revenues of €11 million in aggregate.
‘We are thrilled to be partnering with Ecolab, a global leader in the development and distribution of hygiene and infection prevention solutions. This agreement validates the disruptive qualities of our HeiQ Synbio industrial biotech platform and its innovative first mover position in the market,’ said Chief Executive Officer Carlo Centonze.
HeiQ shares were trading 8.1% higher at 9.45 pence each in London on Monday morning.
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