News: Xeros raises £7m
Xeros Technology Group plc, the creator of technologies that reduce the impact of clothing on the planet, has raised £7m through a share issue.
The company has also appointed a new CEO and published its interim results for the six months ended June 30 2022.
Based on the Advanced Manufacturing Park (AMP) in Rotherham, Xeros is a Leeds University spin-out that has moved to "IP-rich, capital-light" business model with water saving and filtration technologies with multiple commercial applications.
The share issue was needed as Xeros' board said earlier in the year that it required further investment to fund the business through to cash breakeven.
For the six months, the company reported an increase in its adjusted EBITDA by 36.9% to £3.9m, up from £2.8m in the same period of 2022.
The company continues to make progress with its XFilter Technology that enables washing machine manufacturers to provide consumers with the ability to capture and easily and safely dispose of over 90% of microfibres, including microplastics, released during laundry cycles.
Having secured a deal with German company Hanning in June, a development agreement was signed in September 2022 with a second large European component supplier to multiple domestic washing machine OEMs.
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In the commercial laundry market, traditionally the proving ground of Xeros technology, progress is being made in China, India and France. Also in India, IFB, the second largest domestic washing machine company in India by sales volume is expected to launch a domestic machine with Xeros technology in Q4 of 2022.
The results said that: "A successful launch in India of our domestic XC technology will be a pivotal moment for Xeros, not just in giving a clear line of sight to a significant future revenue stream but, as importantly, it will be key to unlocking wider adoption by the industry and share of the 100 million units per annum market."
Xeros technology also simplifies the finishing process in the manufacture of denim products. Trials have confirmed reductions in chemistry, water and energy use that means that the garments produced are greener, quicker and cheaper to manufacture.
A major European retail brand has now taken the next step of asking Xeros to make a proposal for the widescale implementation of its finishing technology into their supply chain.
Neil Austin, newly appointed Chief Executive Officer of Xeros, said: "I am pleased to report the progress made during the first half of 2022 on our three product categories of filtration, care and finish. The vital savings in water and energy that our technology can deliver has been recognised and adopted by key licensing and development partners laying a strong foundation for future growth.
"The proceeds from the placing and open offer announced earlier today will be applied to winning additional contracts in each of our application areas. Our marketing investment will amplify the reach of our proposition and accelerate new licence agreements. We look forward to updating shareholders on our progress in due course."
Xeros website
Images: Xeros
The company has also appointed a new CEO and published its interim results for the six months ended June 30 2022.
Based on the Advanced Manufacturing Park (AMP) in Rotherham, Xeros is a Leeds University spin-out that has moved to "IP-rich, capital-light" business model with water saving and filtration technologies with multiple commercial applications.
The share issue was needed as Xeros' board said earlier in the year that it required further investment to fund the business through to cash breakeven.
For the six months, the company reported an increase in its adjusted EBITDA by 36.9% to £3.9m, up from £2.8m in the same period of 2022.
The company continues to make progress with its XFilter Technology that enables washing machine manufacturers to provide consumers with the ability to capture and easily and safely dispose of over 90% of microfibres, including microplastics, released during laundry cycles.
Having secured a deal with German company Hanning in June, a development agreement was signed in September 2022 with a second large European component supplier to multiple domestic washing machine OEMs.
Advertisement
In the commercial laundry market, traditionally the proving ground of Xeros technology, progress is being made in China, India and France. Also in India, IFB, the second largest domestic washing machine company in India by sales volume is expected to launch a domestic machine with Xeros technology in Q4 of 2022.
The results said that: "A successful launch in India of our domestic XC technology will be a pivotal moment for Xeros, not just in giving a clear line of sight to a significant future revenue stream but, as importantly, it will be key to unlocking wider adoption by the industry and share of the 100 million units per annum market."
Xeros technology also simplifies the finishing process in the manufacture of denim products. Trials have confirmed reductions in chemistry, water and energy use that means that the garments produced are greener, quicker and cheaper to manufacture.
A major European retail brand has now taken the next step of asking Xeros to make a proposal for the widescale implementation of its finishing technology into their supply chain.
Neil Austin, newly appointed Chief Executive Officer of Xeros, said: "I am pleased to report the progress made during the first half of 2022 on our three product categories of filtration, care and finish. The vital savings in water and energy that our technology can deliver has been recognised and adopted by key licensing and development partners laying a strong foundation for future growth.
"The proceeds from the placing and open offer announced earlier today will be applied to winning additional contracts in each of our application areas. Our marketing investment will amplify the reach of our proposition and accelerate new licence agreements. We look forward to updating shareholders on our progress in due course."
Xeros website
Images: Xeros
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