Flotation for eco-washing machine developer

Bill Westwater CEO of Xeros based at Evolution Advanced Manufacturing Park Rotherham
Bill Westwater CEO of Xeros based at Evolution Advanced Manufacturing Park Rotherham
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Developers of a revolutionary cleaning system have unveiled plans to float their innovative South Yorkshire company on the Alternative Investment Market next month.

Xeros, based on the Advancaed Manufacturing Park, has developed washing machines that use up to 80 per cent less water, 50 per cent less electricity and 50 per cent less detergent than conventional machines.

Its machine cleans clothes by tumbling them with nylon polymer beads that attract dirt and can be used at least 500 times before they need to be replaced, but can then be used in plastics plants to make automotive components.

So far, Xeros has raised more than £15 million from investors, including IP Group, Enterprise Ventures, the Entrepreneurs Fund and Invesco.

The group raised £10 million of that from new and existing investors in March last year.