Xeros plans to raise £25m from placing

The YORKSHIRE-based Xeros Technology Group plans to raise around £25 million by a placing of ordinary shares with existing and new institutional investors.
Mark Nichols, CEO of Xeros Picture Scott MerryleesMark Nichols, CEO of Xeros Picture Scott Merrylees
Mark Nichols, CEO of Xeros Picture Scott Merrylees

The Rotherham-based firm makes polymer beads that can be used in specially designed washing machines that replace most of the water with beads. The beads attract stains to the bead surface, extracting dirt.

Xeros said the proceeds from the placing will be used to accelerate commercialisation of the group’s portfolio of applications.

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Mark Nichols, the chief executive of Xeros, said: “We have developed unique polymer technologies which substantially reduce water, chemistry and energy usage.

“Over the last two years we have materially progressed their application in three world-scale markets: cleaning, tanning and textiles.

“Having completed the majority of this development, we are now progressively commercialising six business applications in our chosen markets with major milestones for each targeted in the near term. IP-rich business models with low capital intensity have been designed to provide demonstrable value to commercial partners and investors alike.

“We are delighted to welcome new investors who support our unique proposition and strategy.

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“This fundraise enables us to progress significantly the commercialisation of our technologies and enhancement of shareholder value.”

Xeros said it will demonstrate its new domestic washing machine at the Consumer Electronics Show in Las Vegas in January 2018 with the expectation of entering licensing agreements with at least one global machine OEM (original equipment manufacturer).