Placing17 Nov 2015 18:25
Rest assured Xeros will get the placing. IP Group having already indicated they're supporting it and they hold 12%. The US laundry business is still building momentum supported by Sea Lion who have a factory in China and are ramping up supply of the machines. The business proposition in the USA alone is compelling with power company subsidies giving hotel chains huge incentives to adopt this system. That's why 7 out of the 10 largest U.S. hotel chains have begun to adopt the technology. It is still early days but this alone is encouraging.
Samsung and LG both announced they were working on waterless domestic washing machines several years ago yet nothing has been released.
Xeros Technology is protected by a library of patents.
Other applications include the venture in Germany with tanneries and other processes such as Physical Vapour Deposition.
With the £40 million injection even if the cash burn is £1 million a month, we have funding in place for the next several years,, by which time the laundry business alone, could be bringing in substantial revenues. As with all AIM companies if you're up trade on the spikes, it's possible for these investments to pay for themselves, having peaked at £3.54 earlier this year. Funding at £2.25 will be a cake walk.