UPDATED: Xeros reports '˜significant progress' in commercialising technology
YORKSHIRE-based Xeros said it had made significant progress towards commercialising its technology across all its targeted applications.
The Rotherham-based firm makes polymer beads that can be used in specially designed washing machines that replace most of the water with the beads. The beads attract stains to the bead surface, extracting dirt.
In the six months to June 30 2017, group income was £1.1m, compared with £0.8m in the same period in 2016.
Continued investment in the application portfolio and patented technologies resulted in an adjusted EBITDA loss of £13.2m, the group said.
The group said its working capital has improved through a partnership with Hitachi Capital to purchase a portion of its existing lease portfolio and the provision of ongoing lease financing in the US on premise laundry.
Mark Nichols, the chief executive of Xeros, said: “We have continued to make sound progress on the implementation of our strategy to establish our unique polymer technology in three world-scale industries: cleaning, tanning and textiles.
“We are developing IP-rich, capital-light business models to licence our technology to world-leading market incumbents that will provide Xeros with stable income streams with long term visibility.
Mr Nichols added: “In cleaning, we are beginning to make allies of former competitors through our symphony project and have developed what we believe to be a breakthrough in the design of domestic washing machines incorporating Xeros technology.
“In tanning, we have signed our first commercial tanning contract with Wollsdorf - a key milestone for this business and an example of the IP-rich, capital-light model we are pursuing.
“In textiles, we are also making good progress in developing our technology for use in this sector, with a number of key patent applications being filed to protect our IP. We remain well positioned to deliver further progress on commercialisation across all targeted applications in the current year and into 2018.”
Earlier this year, Xeros revealed that it was launching a US-approved cleaning solution for firefighters’ personal protection equipment as part of its expansion into the US.