Xeros Technology Group to raise £8m to accelerate commercialisation of XFiltra technology
said it plans to raise £8 million at 240p and conduct an open offer to raise a further £1m to fund the commercialisation of its filtration technology platform.
The technology firm which is focused on reducing the environmental impact and cost of clothing and fabrics said the fundraising will be conducted through an accelerated bookbuild.
The funds are expected to accelerate the commercialisation of the XFiltra technology for the domestic washing machine market over the next two years, with revenue anticipated in 2023.
The proceeds will also provide funding to continue the execution of Xeros’ current portfolio of contracts and development agreements and to enter into new agreements in further markets, as well as providing contingency funding for any further potential COVID-19 related delays.
As a result of its current plans in relation to licences and partnerships, the Directors of Xeros said they expect the Company can deliver a cash breakeven position by the end of 2022.
Shares in Xeros Technology Group have increased by nearly 50% in value since the start of 2021. The stock was trading 5.23% higher this morning at 248p following the announcement.
"This placing enables the development and commercialisation by licences of our filtration technology platform, XFiltraTM, in the domestic washing machine market where there is now regulatory and consumer pressure to stop some 280,000,000 kilograms of microfibres from washing clothes reaching the environment,” stated Mark Nichols, Chief Executive of Xeros who added that these microfibre are now to be found across the Group’s trophic range.
He added that, “It will also finance growth in the number of licensing contracts and high margin revenues in our XOrbTM/XDrumTM technology platform which radically reduce environmental impacts and costs across large parts of the clothing and fabric lifecycle.”
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