3 July 2014
Xeros Technology Group plc
("Xeros" or the "Group")
AWARD OF CIP ECO-INNOVATION GRANT
Xeros Technology Group plc (AIM: XSG), the innovative developer of a patented polymer bead cleaning system with multiple identified commercial applications, announces today that its UK subsidiary, Xeros Limited, has been awarded a CIP Eco-innovation* grant of about €700,000.
The grant is to support early take up by European commercial laundries of the Xeros polymer bead cleaning system and is expected to be received, over a period of up to two years, from 1 July 2014.
Bill Westwater, CEO of Xeros, commented:
"We are delighted to win this competitive European award. It is another validation of the huge potential of Xeros' bead cleaning system in the commercial laundry market and will help accelerate our early stage roll-out in the UK and Europe. In the US, our machines are eligible for rebates from utility companies so in the UK and Europe this grant provides a similar level of financial support. Both incentives seek to achieve the same thing: driving disruptive, environmentally friendly cleaning by lowering the cost of entry for early adopters."
For further information, please contact:
Xeros Technology Group plc |
Via Newgate |
Bill Westwater, Chief Executive Officer Chris Hanson, Finance Director |
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Jefferies International (Nominated Adviser) |
Tel: 020 7029 8000 |
Simon Hardy Harry Nicholas |
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Newgate Communications (Financial PR) |
Tel: 020 7680 6550 |
James Benjamin Madeleine Palmstierna Georgia Lewis |
[email protected] |
Further information on the Group can be found on the Company's website: www.xeroscleaning.com
About Xeros
Xeros has developed a patented polymer bead cleaning system with multiple identified potential commercial applications. The Group has targeted the commercial laundry market and has begun the roll-out of 25kg capacity washing machines which exclusively use Xeros' patented polymer bead cleaning system. In trials with customers, this system has been shown to achieve superior cleaning performance as well as material reductions in water, energy and chemical usages compared to conventional commercial laundry methods. The Xeros proprietary polymer bead cleaning system also reduces the carbon footprint of the entire laundry process. In addition to the commercial laundry market, the Group's polymer bead technology has a range of potential applications in other industries including domestic laundry, leather processing, garment finishing and metal cleaning. The Group is currently in various stages of development and preparation for commercialisation of other identified applications, the most advanced of which is domestic laundry.
On 30 April 2014, the Group won Bronze at the prestigious Edison Awards 2014 in San Francisco in the Energy/Sustainability category for its virtually waterless commercial laundry system and, on the same evening, the Group was named University Spin-Out of the Year at the New Energy & Cleantech Awards 2014 in London.
About CIP Eco-Innovation
* The initiative CIP Eco-innovation First Application and Market Replication Projects ("CIP Eco-innovation") is part of the Entrepreneurship and Innovation Programme ("EIP") which seeks to support innovation and competitiveness of small and medium-sized enterprises ("SMEs"). CIP Eco-innovation is managed by the Executive Agency for Small and Medium-sized Enterprises ("EASME") under powers delegated by the European Commission.
