Rotherham tech group Xeros announces proposed placing to raise £25m

Xeros Technology Group plc has announced plans to raise £25m by a placing of new ordinary shares with existing and new institutional investors at a placing price of 225 pence per placing share.

The Rotherham-based company develops and provides patented polymer based technologies with multiple commercial applications, such as washing machines that use polymer beads in the washing process to reduce the need for cleaning powders and liquids, water and energy,

The company has said it will use the proceeds to accelerate commercialisation of the Group’s portfolio of applications.

The proceeds will also contribute to continued investment in polymer science and engineering, as well as the creation of intellectual property in support of commercialisation of applications.

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

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.