Xeros Technology intends to raise approximately £25 million (US$33.63 million) before fees and expenses by placing a number of new ordinary shares with existing and new institutional investors. The proceeds will be used to accelerate commercialisation of the Group’s portfolio of applications as well as for continued investment in polymer science and engineering, alongside the creation of intellectual property.

In the tanning sector, Xeros says it is planning to sign at least four multi­year contracts with leading European tanneries as well as establishing a commercial presence in the U.S. tannery market. In combination, these are intended to establish a business platform to provide strategic funding options for the growth of the business segment beyond 2018.

“We have developed unique polymer technologies which substantially reduce water, chemistry and energy usage. Over the last two years, we have materially progressed their application in three world-scale markets: cleaning, tanning and textiles, said Mark Nichols, Chief Executive, Xeros. “Having completed the majority of this development, we are now progressively commercialising six business applications in our chosen markets with major milestones for each targeted in the near term.”