29th May 2014 10:58
LONDON (Alliance News) - Xeros Technology Group PLC said Thursday that a laundry facility using its bead cleaning technology was the first to receive an incentive payment from a US utility company under its energy incentive programme.
Sterling Linen Services LLC received USD28,000 from Liberty Utilities Co under its Natural Gas Efficiency programme, which will pay incentives to operators using Xeros' technology.
Xeros said that customers in certain US states can apply for financial incentives from the Federal Energy Management Program's Energy Inventive Programme, and its 25 kilogramme machine is covered under these incentives.
Xeros said it was in "active discussions" with other US utility companies about assessing its machines for eligibility under the incentive programmes.
Jefferies reiterated its Buy rating for the company, saying that it believes that incentive payments such as this "reduce the cost for customers opting for the technology, furthering its appeal and should help promote its adoption towards the group's 149 machine installation target for year-end."
Jefferies analyst Joe Spooner said that discussions with further utilities about including its product under their schemes is "important operational progress that can bring down the cost for commercial laundry customers opting for Xeros and further promote the adoption of its technology."
Shares in Xeros were trading up 2.4% at 84.95 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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