Xeros Technology Group, the pioneering business based on the Advanced Manufacturing Park, is to raise £25m through a placing to accelerate commercialisation of its portfolio and to help hit major operational milestones in 2018.
The group’s patented polymer-based technologies are used in a variety of applications including cleaning, tanning and garment dyeing.
As well as underpinning the commercialisation of these applications, the proceeds of the placing will also be used for continued investment in polymer science and engineering and the creation of intellectual property.
Operational milestones have been set down for 2018 to provide “demonstrable value to commercial partners and investors”.
“We have developed unique polymer technologies which substantially reduce water, chemistry and energy usage,” said Xeros chief executive Mark Nichols.
“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.”
A University of Leeds spin-out, Xeros was founded in 2006 with a mission to revolutionise the laundry industry with the power of polymer bead cleaning.