Environmentally friendly cleaning company Xeros has announced its intention to float on the Alternative Investment Market (AIM)
The Leeds university spin-out, which is based in Rotherham, has devised a way of reducing the amount of water used by washing machines.
The floation and fundraising are expected to allow the group to accelerate roll-out in commercial laundry and to fund the research and development process through to commercialisation.
The business is working with New York-based investment bank Jefferies and admission to trading is expected to take place next month.
Chief executive Bill Westwater said: “Xeros’ patented reusable and recyclable polymer bead cleaning systems offer an attractive customer proposition combining cost savings, efficiencies and superior cleaning performance. Xeros’ technology has the potential to transform a number of industries globally and our planned admission to AIM will help accelerate our roll-out in commercial laundry and fund development through to commercialisation in other identified markets.
“I am delighted that our major shareholders are highly supportive of our proposed listing and associated fundraising.”
To date, the group has raised more than £15m from investors, including IP Group, Enterprise Ventures, the Entrepreneurs Fund and Invesco. Most recently, it raised £10m from new and existing investors.
Xeros said it is initially targeting the commercial laundry market in the US, the UK, Europe and China. Currently, the firm has 30 installed/committed to be installed machines in the US, UK and EU and estimates that approximately 120 further machine installations are expected for 2014.