20th Oct 2014 07:58
LONDON (Alliance News) - Xeros Technology Group PLC saw its shares rise early Monday after it said two more US utility companies had launched energy incentive programmes for customers who commit to reducing their energy and water consumption through the use of a Xeros Commercial Laundry System.
The company claims its polymer bead cleaning system will reduce energy and water use, and the claims are being backed by its take-up by the US utilities.
In May, Liberty Utilities made its first incentive payment of USD28,000 for a Xeros installation in the northeast of the US, and it has now been joined by Columbia Gas and National Grid in launching energy incentive programmes.
Xeros said Columbia Gas of Massachusetts, a subsidiary of NiSource Inc, has paid incentives totalling USD33,000 to date to buy Xeros systems, while National Grid, the utility company headquartered in the UK but with broad distribution across the US East Coast, has provided incentives totalling USD24,000 to date.
"These particular incentives represent reductions of up to 50% of the installed cost of a Xeros machine although they vary based on the customer's business and how each utility company calculates them," Xeros said.
RISE Engineering, an independent utility consultant, was commissioned by the utility companies to perform a technical study on the Xeros System, Xeros Tech said in a statement. This study included "extensive" metering of energy and water usage for the Xeros Commercial Laundry System to determine utility savings and calculate incentives. In each case, incentives offered are approved and verified by RISE and the respective utility company," Xeros said.
"We now have three big US utility companies rewarding Xeros customers for investing in our technology and we expect further utility companies to announce similar incentive programmes to achieve our ultimate goal of national coverage," Xeros Chief Executive Bill Westwater said.
"This is all part of our growing momentum in the commercial laundry market, particularly in the US, and I look forward to providing shareholders with further updates in due course," he added.
Xeros Technology shares were up 9.3% at 124.00 pence early Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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