Friday, February 21, 2014

News: Xeros announce intentions to float on stock market

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Innovative Rotherham company, Xeros has announced its intention to raise funds and to apply for the admission of ordinary shares to trading on AIM, the London Stock Exchange's international market for smaller growing companies.

The Leeds University spin-out, based on the Advanced Manufacturing Park (AMP) in Rotherham, has developed a patented system using a unique method of special polymer beads rather than the usual large amounts of fresh water to clean clothes.

Admission to trading on AIM is expected to take place in March 2014 and together with the fundraising, it is expected to allow the group to accelerate roll-out in commercial laundry and to fund the research and development process through to commercialisation in other identified applications, not least in domestic laundry.

The Xeros cleaning system comprises a special washing machine designed to release the beads into the drum for cleaning, and which then removes the beads from the clothes once the cleaning is complete. With at least 70% less water, up to 50% less energy and approximately 50% less detergent, the Xeros system delivers superior cleaning results compared to conventional washing. The beads have a lifespan of hundreds of washes before being collected and recycled.

Through the use of polymer bead technology, the Xeros cleaning process has shown to be more effective than traditional "soap and water" methods. By combining the beads' molecular structure with a proprietary detergent solution, the result is a superior cleaning medium that beats even water. The dirt from soiled items is attracted and absorbed by the beads, producing cleaner results.

To date, Xeros has raised in excess of £15m from investors. In 2013, it successfully completed a £10m funding round. Its investor partners include IP Group, Entrepreneurs Fund, EV, Invesco Perpetual and Parkwalk.

Officially launched at the recent 2013 Clean Show industry conference in New Orleans, the Xeros Cleaning System is being targeted at the hotel industry for their in-house laundry operations. Unsurprising given that the global laundry industry is worth $100 billion per annum. 30 systems have been installed or are committed to be installed in the US, UK and EU and Xeros estimates that approximately 120 further machine installations are expected for 2014.

In outlining the business model, the directors said that they see opportunities for the Xeros bead cleaning system to create value across a number of potential revenue streams. It states that: "The supply of polymer beads is at the core of each application, but there are other revenue streams from detergent formulations, machines and the provision of service and maintenance."

Bill Westwater, CEO of Xeros, 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."

Xeros website

Images: Xeros

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