Xeros Technology Group aim to raise £20m 27 Nov 2018

Xeros Technology Group, based on the Advanced Manufacturing Park, has revealed plans to raise £20m to support the commercialisation of its products.

The listed company intends to raise about £15m before fees and expenses by a placing of 150 million new shares with existing and new investors.

Qualifying shareholders will also be given the opportunity to subscribe for up to 49.6 million new ordinary shares through an open offer to raise up to £5m.

The funds will be used to negotiate commercialisation and development agreements with domestic laundry machine manufacturers for its water saving technologies. Xeros is also targeting an increase revenues and profitability from its US network. The company will undertake trials with denim and garment manufacturers in 2019 and, if successful, pursue commercial agreements, with first revenues in 2019.

Mark Nichols, chief executive of Xeros, said: "These additional funds will allow us to continue to execute on our IP-rich, asset-light strategy to commercialise our technologies, which address the key global environmental issues of water scarcity and pollution.

"Our focus is on increasing the commercialisation of our technology in each of our markets working with channel partners and manufacturers whose businesses and customers are facing ever increasing pressure on their water use."

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