Lloyds Engineering Works has signed a global licensing agreement with US-based The Material Works (TMW) for an acid-less steel pickling technology called Eco Pickled Surface (EPS) Generation 4. This pact allows Lloyds Engineering to design, manufacture, and sell EPS Gen 4 cells worldwide, excluding specific regions. TMW, the patent holder, will provide technical support and design upgrades. The agreement involves annual cash payments and an earn-out structure, with no share exchange.