3rd Jul 2014 08:39
LONDON (Alliance News) - Xeros Technology Group PLC said Thursday it has won a EUR700,000 Eco-Innovation grant from the European Commission under its Competitiveness and Innovation Framework Programme.
The grant is intended to support the early take up of its polymer bead cleaning system by European commercial laundries. It expects to receive the grant over a period of up to two years.
The company's machines are eligible for rebates from utility companies in the US, and it said that this grant would provide a similar level of financial support for the UK and Europe.
"It is another validation of the huge potential of Xeros' bead cleaning system in the commercial laundry market and will help accelerate our early stage roll-out in the UK and Europe," said Chief Executive Bill Westwater in a statement.
Shares in Xeros Technology were trading up 1.7% at 90.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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