YASA Motors – Parkwalk closes follow-on investment
We are delighted to announce that the Parkwalk Opportunities Fund has led a funding round in YASA Motors, a spin-out from the University of Oxford. The company aims to commercialise its patented technology in electric motors and generators across a range of product areas.
YASA Motors (YASA) was incorporated in 2009 to commercialise the unique motor topology developed by founder and CTO Dr Woolmer at the University of Oxford. The Yokeless And Segmented Armature design – hence YASA – allows more efficient use of key magnetic and structural materials.
Ilika plc – Financial statements for year ended 30 April 2017
11 Jul 2017
Ilika (AIM: IKA), the accelerated materials innovation company, announces its audited full-year results for the year ended 30 April 2017.
Xeros Technology Group plc – Signs 10 year contract with leading European tannery
Xeros Technology Group plc has signed a 10 year contract with Wollsdorf Leder Schmidt & Co. Ges.m.b.h (‘Wollsdorf’) to convert its re-tanning operations in Austria to use Xeros’ patented polymer technology. This contract follows the previously announced heads of terms in January 2017.
Xeros Technology Group plc – Expands partnership agreements, entering the Australian commercial laundry market
Xeros Technology Group plc (AIM: XSG, ‘Xeros’), the developer and provider of patented polymer based systems with multiple commercial applications, has entered into a Forward Channel Partner (‘FCP’) agreement to expand its geographic presence into Australia. The agreement demonstrates the rapidly growing acceptance and demand beyond the US and UK Commercial Laundry markets for the sustainability, performance and economic benefits Xeros’ technology delivers.
Xeros’ expansion into Australia has been achieved by adding to its FCP programme through an agreement with Richard Jay Pty Ltd, Australia’s largest importers, distributors and service providers of commercial and industrial laundry machinery. With its national coverage, Richard Jay Pty Ltd will facilitate the delivery of Xeros’ cleaning solutions into the Australian states where severe drought conditions are driving demand for ecologically sustainable solutions.
Xeros’ FCP programme is creating a broad sales network of approved partners who then also deliver lifetime services and consumables to customers under its proprietary Sbeadycare™ programme.
Mark Nichols, Chief Executive of Xeros, said: “This agreement again demonstrates the success and value of our Forward Channel Partners programme, creating a scalable sales and service network that is allowing us to accelerate our growth into new geographic markets.”
Enquiries:
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Xeros Technology Group plc |
Tel: 0114 321 6328
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Jefferies International Limited(Nominated Adviser and Joint Broker) |
Tel: 020 7029 8000 |
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Berenberg (Joint Broker) |
Tel: 020 3207 7800 |
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Instinctif Partners |
Tel: 020 7457 2020 |
Notes to Editors
Xeros Technology Group plc (LN: XSG) is a platform technology company that is reinventing water intensive industrial and commercial processes by reducing water and chemistry usage with its polymer technologies. Its patented technologies have the capacity to provide material economic, operational and sustainability improvements that are unattainable with traditional processes. The Group is currently exploiting its intellectual property in three areas: Cleaning Technologies, Tanning Technologies and Textile Technologies. Xeros has a number of agreements in place with such international organisations as BASF, Hilton and Wollsdorf Leder.
For more information, please visit – http://www.xeroscleaning.com/
Ilika plc – Toyota Research Institute brings artificial intelligence to the hunt for new materials with Ilika
Ilika (AIM: IKA), a pioneer in materials innovation and solid-state battery technology, announces that Toyota Research Institute (TRI) has released further information relating to the collaboration Ilika announced on 9th March 2017.
The TRI announcement issued at 13:00 hrs UK time today reads as follows: “The Toyota Research Institute (TRI) will collaborate with research entities, universities and companies on materials science research, investing approximately $35 million over the next four years in research that uses artificial intelligence to help accelerate the design and discovery of advanced materials. Initially, the program will aim to help revolutionize materials science and identify new advanced battery materials and fuel cell catalysts that can power future zero-emissions and carbon-neutral vehicles.
“Toyota recognizes that artificial intelligence is a vital basic technology that can be leveraged across a range of industries, and we are proud to use it to expand the boundaries of materials science,” said TRI Chief Science Officer Eric Krotkov. “Accelerating the pace of materials discovery will help lay the groundwork for the future of clean energy and bring us even closer to achieving Toyota’s vision of reducing global average new-vehicle CO2 emissions by 90 percent by 2050.”
Initial research projects include collaborations with Stanford University, the Massachusetts Institute of Technology, the University of Michigan, the State University of New York at Buffalo, the University of Connecticut, and the U.K.-based materials science company Ilika. TRI is also in ongoing discussions with additional research partners.
“This represents a fantastic opportunity to drastically advance the use of databases and machine learning methods in materials discovery.” Said Jens Norskov, Professor at Stanford University and director of the SUNCAT center. “The partnership combines theory, computation and experiment in an unprecedented, concerted effort. We are particularly excited by prospects for an avant-garde approach to catalyst development for fuel cells.”
Research will merge advanced computational materials modeling, new sources of experimental data, machine learning and artificial intelligence in an effort to reduce the time scale for new materials development from a period that has historically been measured in decades. Research programs will follow parallel paths, working to identify new materials for use in future energy systems as well as to develop tools and processes that can accelerate the design and development of new materials more broadly.
In support of these goals, TRI will partner on projects focused on areas including:
· The development of new models and materials for batteries and fuel cells;
· Broader programs to pursue novel uses of machine learning, artificial intelligence and materials informatics approaches for the design and development new materials; and,
· New automated materials discovery systems that integrate simulation, machine learning, artificial intelligence and/or robotics.
Accelerating materials science discovery represents one of four core focus areas for TRI, which was launched in 2015 with mandates to also enhance auto safety with automated technologies, increase access to mobility for those who otherwise cannot drive and help translate outdoor mobility technology into products for indoor mobility.
About Toyota Research Institute
Toyota Research Institute is a wholly owned subsidiary of Toyota Motor North America under the direction of Dr. Gill Pratt. The company, established in 2015, aims to strengthen Toyota’s research structure and has four initial mandates: 1) enhance the safety of automobiles, 2) increase access to cars to those who otherwise cannot drive, 3) translate Toyota’s expertise in creating products for outdoor mobility into products for indoor mobility, and 4) accelerate scientific discovery by applying techniques from artificial intelligence and machine learning. TRI is based in the United States, with offices in Los Altos, CA, Cambridge, MA, and Ann Arbor, MI. For more information about TRI, please visit www.tri.global.”
For more information contact:
| Ilika plc | www.ilika.com | ||
| Graeme Purdy, Chief Executive | Tel: 023 8011 1400 | ||
| Steve Boydell, Finance Director |
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| Toyota Research Institute |
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| John Hanson, Director, Communications & Public Affairs | Tel: +1.657.331.1291 | ||
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Toyota Motor Sales, USA, Inc |
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| Brian R. Lyons, Senior Manager-Advanced Technology Communications | Tel: +1.310.468.2552 | ||
| Numis Securities Limited | Tel: 020 7260 1000 | ||
| Oliver Cardigan/ Paul Gillam (Corporate Adviser) |
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| James Black/ Michael Burke (Corporate Broking) |
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| Walbrook PR Ltd |
Tel: 020 7933 8780 /ilika@walbrookpr.com |
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| Paul Cornelius | Mob: 07866 384 707 | ||
| Lianne Cawthorne | Mob: 07584 391 303 | ||
Ceres Power – Half Year Results
08 Mar 2017
New partners, new markets and a growing international presence – INCLUDING FIRST PRODUCT LAUNCH PARTNER
Ceres Power Holdings plc (“Ceres Power”, the “Company” or the “Group”) (AIM: CWR.L), a world leading developer of low cost, next generation fuel cell technology, announces its half-yearly results for the six months ended 31 December 2016.
Highlights
· New commercial partners including first ‘go-to-market’ agreement:
o Two new development agreements signed in the period, bringing total to four including with Honda, Nissan, Cummins and a further global OEM
o First ‘go-to-market’ agreement signed with global OEM to develop and launch highly efficient combined heat and power (“CHP”) product for business markets
· Strong revenue and pipeline: Revenue and other operating income for first half year tripled to £1.5 million (FH1 2016: £0.5m). Aiming for full year to at least double. Order book of £4.8 million as at 31 December 2016 and 3 new evaluation agreements underway with potential future partners.
· First significant US commercial success with global power leader Cummins & the US Department of Energy to develop an energy system for Data Centre and commercial scale applications
· New market opportunities enabled by rapid progress in SteelCell™ technology. The improvements in efficiency, robustness and power density have opened up new high growth power markets in commercial/business sectors
· Successful fundraise: £20m placing enables continued investment in business and technology
Financial Highlights:
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Six months ended 31 December 2016 (unaudited) |
Six months ended 31 December 2015 (unaudited) |
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£’000 |
£’000 |
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Total revenue and other operating income, comprising: |
1,551 |
453 |
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Revenue 1 |
1,026 |
235 |
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Other operating income |
525 |
218 |
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Operating loss |
(6,242) |
(6,235) |
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Equity free cash flow 2 |
(4,176) |
(5,431) |
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Net cash and short term investments |
22,174 |
12,753 |
1 2016 revenue includes the release of £0.4 million of deferred revenue in respect of contracted work completed for British Gas (2015: £0.1m)
2 Equity free cash outflow (EFCF) is the net change in cash and cash equivalents in the year (£0.2 million) less net cash generated from financing activities (£19.4 million) plus the movement in short term investments (-£15.0 million)
Phil Caldwell, CEO of Ceres Power said: “Ceres Power is on track for an excellent year, driven by new commercial partnerships, the rapid progress of our technology and our first ‘go-to market’ agreement bringing us closer to a first product launch. We said we would sign five partners by the end of 2017 and with four to date we are on track to do just that, plus we have three new evaluation agreements and a strong pipeline with a series of international prospective partners.
With a forward order book of £4.8 million and a successful fundraising secured, we are in a strong position to capitalise on significant market opportunities. As the world wrestles with the growing challenge of a decarbonising and decentralising energy system, our proven SteelCell™ technology, and our work with global power specialists, shows Ceres Power is capable of providing a cheaper, cleaner, distributed alternative to centralised power generation.”
For further information please contact:
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Ceres Power Holdings plc |
+44 (0)1403 273 463 |
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Zeus Capital (Nominated Adviser and Broker) |
+44 (0) 20 3829 5000 |
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Powerscourt |
+44 (0) 20 7250 1446 |
About Ceres Power
Ceres Power is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell™ technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use. Ceres Power offer its partners the opportunity to develop power systems and products using its unique SteelCell technology and know-how, combined with the opportunity to supply the SteelCell™ in volume through its manufacturing partners. For further information please visit: http://www.cerespower.com/
Chief Executive’s statement
Ceres Power is well positioned to continue to execute its strategy as an enabling technology provider for the world’s leading power systems companies. The SteelCell™ technology and the Company’s expertise have a growing, global reputation and we are on target for an extremely successful year.
The market opportunity – enabling a decarbonised and decentralised energy system
· Climate change and the need for clean air, reinforced by the Paris COP21 agreement and leading global corporates, is maintaining the momentum towards cleaner distributed power generation
· The inexorable growth of the Electric Vehicle and Data Centre sectors will increase the demand for electricity and, coupled with increasing wind and solar generation, will destabilise the centralised power generation model
· Advancements in Ceres Power’s SteelCell™ technology have opened up sector opportunities beyond Residential to include the fast-growing Data Centre, Electric Vehicle and Business sectors
· SteelCell™ is a significantly superior alternative to conventional gas and diesel engines as it produces close to zero SOx and NOx emissions at a higher efficiency
We are working towards a vision of embedding our cutting-edge SteelCell™ technology into world-leading products within the Home, Business, Data Centre and Electric Vehicle markets. Ceres Power has traditionally been focussed on micro-CHP in the Residential market, however significant progress has enabled SteelCell™ to rapidly establish itself as a leader in markets where higher power output is required, significantly expanding the business opportunity.
The majority of our customer demand is now for larger power systems than our residential scale product offering, and to proportionately address these high value markets, we have started developing larger cells and stacks.
With a strong start to 2017, the Company is ready to capitalise commercially by securing more key partners, as well as progressing our existing relationships.
Commercial Progress
· First ‘go-to-market’ agreement signed to develop and launch a highly efficient Combined Heat and Power product to target the business sector
· First significant US success with agreement to develop a power system for data centres and commercial scale applications
· Field trials progressing well as part of the EU-funded ene.field programme
In the Autumn, Ceres Power announced its key development role in a recently selected US Department of Energy programme which was awarded to global power leader, Cummins Inc. Together, Ceres Power and Cummins will work closely to develop a power system targeting high electrical efficiency of 60% and scalable to meet multiple distributed power applications. The initial target application will be the fast-growing Data Centre market, this power system will be applicable to other commercial scale uses.
Before the end of 2016, Ceres Power announced a joint development licence agreement to develop and launch a multi-kW CHP product its SteelCell™ technology with a leading global OEM. This is Ceres Power’s fourth partnership signed and most notably its first ‘go-to-market’ agreement with the explicit intention of developing and launching a product to the business sector on an ambitious schedule. This is a highly significant step.
Furthermore, field trials, as part of the EU-funded ene.field programme in UK homes, demonstrate the growing maturity of this technology and underpin the reputation of the SteelCell™ with our OEM customers.
As a result of this commercial progress, our order book has increased to £4.8m as of 31 December 2016.
Rapid technological progress highlights Ceres Power expertise
With a well-established R&D roadmap, real progress with the performance of the technology continues to be made. The most recent milestone saw the latest iteration of the SteelCell™ platform (version 4) released to customers on time and budget, reinforcing the Company’s reputation for successfully executing against its technology timelines.
Higher power density and fast start-up timescales have been proven, making the SteelCell™ increasingly commercially attractive in a growing number of markets. The technology is well-suited as a range extender for the Electric Vehicle market and the net electrical efficiencies now being delivered see Ceres Power developing solutions for the Data Centre market.
The core technology is increasingly applicable to customers that require a higher power output and we are now increasing cell size and optimising stack design to meet their requirements.
Adding operational capability to position ourselves for commercialization
We have seen a significant increase in customer demand for the SteelCell™ technology over the past 6 months, particularly for high power applications. This increased demand for our existing SteelCell™ technology combined with the development of larger cells and stacks for new applications has led to the need for further investment in our manufacturing and test capability.
In the near term, additional demand is being met by increasing manufacturing capacity in Horsham through the addition of a 3rd shift pattern along with bringing through improvements to key process steps. Beyond this, we are beginning to explore a number of options for further manufacturing scale-up.
Financial progress
As highlighted above, the multiple customer programmes won in the past 12 months are driving our revenues forward. Compared to the same period last year, we have tripled revenue and other operating income to £1.5 million. We expect this uplift to continue into the full year, where we aim to at least double our revenue and other operating income. It is encouraging that this is being achieved across a growing portfolio of customer programmes.
Our equity free cash outflow of £4.2 million in the period was less than the prior period (£5.4m), mostly due to the Group receiving its R&D tax credit of £2.2m in full (prior period received £0.8m, part of the R&D tax credit, in the period). Even though we are investing in people and in making the technology more suitable for customers that require a higher power output, as we highlighted in last year’s annual report, we expect both our operating loss and our equity free cash outflow for the full year to decrease from the prior year.
We were very pleased with our £20m fundraise in the period, especially given the uncertain economic conditions in the last 6 months. At 31 December 2016, the Group had cash and cash equivalents of over £22 million and this financial strength, at a key stage for the Company as we negotiate long term partnerships with a number of the world’s leading companies, gives us the runway to further embed our SteelCell™ in customer development and ‘go-to-market’ programmes.
Outlook
Our vision is to embed our cutting-edge SteelCell™ technology into world-leading products within the Home, Business, Data Centre and Electric Vehicle markets.
The leadership team committed itself to signing five global engineering companies as customers in joint development agreements by the end of 2017 and being in two launch programmes with OEM partners by the end of 2018. With four joint development agreements and one launch programme already signed, Ceres Power is ahead of its stated schedule. We expect to secure further commercial partners in due course and to make further progress with our existing partners.
We anticipate that the commercial progress we are making will further drive revenues in the second half of FY 2016/17 and into FY 2017/18.
Ceres Power has a committed, experienced team and we would like to offer our thanks for their continued efforts which we believe will translate into even greater commercial progress over the next 12 months.
Philip Caldwell
Chief Executive Officer
Salunda – IGas trial proves the measure of success for hand-held drilling fluid sensor
AN initial field trial of an advanced hand-held analyser has revealed its potential for the rapid and effective testing and measurement of oil and gas drilling fluids.
Independent oil and gas exploration and production company IGas Energy plc develops onshore oil and gas fields and produces more than 2,500 barrels of oil equivalent per day from more than 100 sites across the UK, with other potential sites regularly coming under its control and management.
The company decided to enhance the production on Stockbridge oilfield and to drill three sidetracks from existing wells.
This involved new reservoir development work, which saw the re-entry of existing wells to develop new areas in the field and boost production. The side-tracks were drilled directionally and entered the formations horizontally and completed between 700 and 1,500 metres of new hole from the kick off point in the original wellbores.
An important element of the drilling covered the management and control of the mud fluids, which are designed to fulfil several critical functions including pressure control, lubrication of the wellbore, cuttings removal and hole stability.
The most fluid sensitive rock formations at the Hampshire site were the clays, which were drilled using an oil-based drilling fluid (OBM) requiring measurement at regular intervals for oil, water, solids and chloride content – regular analysis of fluid composition is a pivotal task for mud engineers during any exploration work.
To meet this need, IGas trialled the MudChecker drilling mud analyser from Salunda as a potentially beneficial alternative to the onerous and time consuming retort and titration analysis method. The analyser is the first electronic diagnostic device of its type for the fast and accurate measurement of several critical parameters of Oil-Based drilling fluids.
The Stockbridge trial involved the evaluation of an early MudChecker prototype during several test sessions as an effective way to check the drilling fluids, assessing the hand-held analyser’s capacity to provide rapid and consistent measurement of percentage oil, solid and water volumes when compared to results gained through initial retort analysis.
The trial revealed that the MudChecker, which is also simple and easy to operate, could provide fluid analysis up to six times faster than traditional methods, producing consistently accurate measurement data.
Although its early days, according to Bob Sharp, IGas mud engineer, who oversaw the project as an independent consultant to IGas, the trial has confirmed the potential of MudChecker’s capability in oil and gas exploration and production, as a viable, reliable and cost effective method, with ‘significant potential’ to effectively become a long-term test replacement to retort.
He said: “After some fine tuning, the MudChecker started to produce comparable results to that of the retort method, but far more quickly and consistently. Indeed, I would estimate that usable measurements were provided within 15 minutes when compared to the 90 minutes it took using retort analysis.”
“Moreover, the analyser is much simpler to use, which will be of benefit to mud engineers and operators. The trial revealed that it could significantly cut testing times and improve the efficiency of measuring fluid characteristics, both in the field and in mud plant activities.”
“Using the data MudChecker provides will undoubtedly improve fluids maintenance and checking during drilling activity, enabling changes in content to be made quickly and more accurately. It will also enable companies to perform tests easier and more conveniently; so potentially it should be well received by the global oil and gas industry.”
Incorporating patented, sensitive radio-frequency technology, MudChecker features an integral sensor probe that is used to test a sample to provide an accurate, real time in-field measurement of mud fluid content and temperature.
Consistent and repeatable results are quickly displayed on an integral LCD screen to indicate percentage oil, solid and water volumes. It also records the oil/water ratio (OWR), oil/brine ratio (OBR) and water-phase salinity. Control of these parameters can be critical for mud stability, as well as avoiding wellbore collapse, that might otherwise result in equipment loss or damage, and non-productive time (NPT).
The captured data can be quickly up-loaded via a USB interface to a supporting software programme and can be exported for formal record keeping and reporting. MudChecker comes in a water and solvent resistant rugged enclosure for improved onsite durability and features robust, easy-to-clean stainless steel probes. Salunda propriety software is available to log, export and print-out results quickly and accurately.
The compact analysis unit is supplied as part of a lightweight portable test kit, which includes a mains adapter with interchangeable European and USA adapters, downloadable software and a selection of spare tubes, probes, syringes and proprietary sample mixtures.
OxfordPV signs Joint Development Agreement with a major industrial partner
Oxford Photovoltaics Ltd (Oxford PV), the pioneering solar technology company, has today announced a Joint Development Agreement (JDA) with a global manufacturer of solar cells and modules.
The agreement will see the two companies working together to further develop Oxford PV’s perovskite-based solar technology – taking it from lab scale to manufacturing-ready status. Oxford PV holds the world’s largest patent portfolio for the use of perovskite in photovoltaic (PV) applications and its’ technology already demonstrates the efficiency and long-term stability needed to move towards commercialisation.
This JDA will focus on that path to commercialisation, scaling up the silicon / perovskite tandem PV technology and developing the necessary processes for manufacture.
The company recently (10th November 2016) announced the acquisition of a pilot line site in Brandenburg an der Havel, Germany. The bulk of this development work will be conducted at that site.
Frank Averdung, CEO of Oxford PV said: “We have made tremendous progress over the last year and this JDA provides independent ratification of our perovskite solar technology and its’ prospects. Whilst our research activities in Oxford focus on the future product roadmap, we are now ready to prepare our technology for commercialisation and will work on this with our partner in the German pilot line.”
Ilika – Parkwalk investment
We are delighted to announce that the Parkwalk Opportunities EIS Fund has participated in a £6.3m funding round in Ilika, an AIM listed company which specialises in materials innovation. The company has developed unique solid state battery technology which may have applications across the Internet of Things (IoT).
Ilika spun out of the University of Southampton’s School of Chemistry in 2004 and quickly established a reputation for the rapid development of novel materials, working with a variety of international companies.
Ilika has a wealth of experience in materials and in working with industrial partners. The company’s novel solid-state battery technology is now close to commercialisation in a market which is large and growing rapidly.
Ceres Power – Parkwalk investment
We are delighted to announce that the Parkwalk Opportunities EIS Fund has participated in a £20m funding round in Ceres Power, the specialist provider of low cost, next generation fuel cell technology.
With technology originating from Imperial College, Ceres Power is a world leader in low cost, next generation fuel cells for use in distributed power products that have the potential to bring cheaper and cleaner energy to homes and businesses. The Group is working with some of the world’s leading companies in order to create mass market fuel cell products for multiple markets worldwide.
The Company currently manufactures and supplies its fuel cells (“SteelCells”) to partners wishing to use Ceres Power’s technology as the foundation for their power products and offers its integration and engineering expertise as part of joint development programmes.
Xeros: Interim Results
Major progress in developing and commercialising platform technology
Xeros Technology Group plc (AIM: XSG, ‘the Group’, ‘Xeros’), the developer and provider of patented polymer bead systems with multiple commercial applications, publishes its second unaudited interim results for the six months ended 30 June 2016.
Highlights
Platform technology
· Possess disruptive bead technology platform which can be deployed in numerous global markets
· Good progress in application areas creating considerable interest from industry leaders with capacity for scaling up adoption
Laundry
· Earned income up to £807,000 (comparative period 2015: £325,000)
· Commercial Laundry:
o 116 commercial washing machines installed (comparative period 2015: 50) bringing total estate to 278
o In advanced discussions with industry leaders to increase growth rate
· Consumer Laundry:
o Major strides in fabric care and extended garment life
o Detailed evaluation of domestic technology being carried out by global OEM
Leather
· Six successful scale trials with leading European tannery
· Trials confirmed significant savings in water, chemistry and effluent
· Business plan formulated to introduce technology in up to five tanneries in 2017
New applications
· Detailed studies completed – two soft and one hard substrate
· IP development and applications underway including new bead formulations with the capacity to further reduce chemistry consumption
· Ambition is to achieve successful scale trials in each of the areas by end 2018
Mark Nichols, Chief Executive of Xeros, said:
“It’s now clear that we have a disruptive bead technology platform that can be commercialised across a range of global industries.
In Commercial Laundry, we are increasingly accepted in a customer segment which has the capacity for thousands of machine installations. We are in detailed discussions with a number of leading market participants, and we are confident of achieving an annual installation rate of 2,000 per annum in the year of 2020.
We have developed a low risk pathway to establishing our washing and cleaning technology for use by end consumers. A global OEM is currently evaluating the benefits of our technology.
The pace of our Leather Processing trials in conjunction with our development partners, Wollsdorf Leder Schmidt (“Wollsdorf”) in Austria and LANXESS, has accelerated ahead of our own expectations. We aim to achieve large scale commercialisation by the end of 2018.
We have selected three new application areas for development, which we expect to have the same commercial potential as Laundry and Leather Processing. Whilst there is a great deal of R&D and engineering work to be done, we have set our teams the task of achieving successful scale trials in each of these three new areas by the end of 2018.”
OxfordPV – Parkwalk closes further funding round
We are pleased to announce that Parkwalk has made a further investment in OxfordPV through a the Opportunities EIS Fund.
Oxford Photovoltaics is an Oxford-based technology business, founded in 2010, formed on technology originally developed in the Department of Physics at the University of Oxford under Professor Henry Snaith and his academic team of 20 scientists.
Professor Snaith is leading an intensive and wide-ranging programme to develop a thin-film solar cell using a perovskite-structure to enhance solar absorption and conversion. The programme is advancing rapidly with enhanced cell efficiency.
Oxford PV envisages the technology being utilised to enhance the performance of silicon-based solar cells by adding a perovskite layer on top of the silicon to create a tandem cell structure. This is expected to add up to 5% to the efficiency of a 20% silicon cells, taking their performance towards 25%. Future generations of the product will include perovskite-on-perovskite cells, where performance could reach 30%.
Arvia Technologies – WEFTEC Innovative Technology Award
Arvia Technology will receive the prestigious Innovative Technology Award from the Water Environment Federation (WEF), an international not-for-profit technical and educational water quality organisation. The award will be presented during a ceremony at WEFTEC 2016, the organisation’s 89th Annual Technical Exhibition and Conference this fall in New Orleans, La.
The Innovative Technology Award recognises Arvia’s patented Organics Destruction Cell (ODC™) system for the removal of recalcitrant organics, as a notable technological innovation. The simple and modular ODC system was selected for its effectiveness in treating organic water pollutants that cannot be removed via existing technologies, and its original combination of two well-known treatment methods – adsorption and advanced oxidation – to produce a unique, environmentally sustainable solution. Arvia’s unique proprietary adsorbent, Nyex, regenerates in situ, providing for continuous treatment without secondary waste. The Arvia ODC reduces the common measure of water pollution, known as COD or Chemical Oxygen Demand, and removes micro-pollutants such as pesticides, pharmaceuticals and contaminants of emerging concern from water and waste-water, to enable water recycling or safe discharge back to the environment.
Arvia Technology will be honored during WEFTEC® 2016, the world’s largest annual water quality conference and exhibition. The event is expected to host thousands of global water quality experts and exhibiting companies at New Orleans Morial Convention Center from September 24-28, 2016.
For more information about WEF awards, please click here.
Salunda – Parkwalk follow-on Investment
We have recently closed an investment in Salunda for the Parkwalk Opportunities Fund.
Salunda develops robust, contactless sensors for use in very harsh environments. The company’s sensor technology detects position and speed, and measures the composition of fluids.
Salunda has developed patented, contactless sensor technology for monitoring machinery in very harsh environments. Sensors scan components such as pistons, rotors and seals for wear and failure. A profile of the component surface can be recorded with sensitivities of as little as tens of microns. Sensors can warn of imminent failure by detecting cracks, eccentric motion, ‘orbiting’, axial shift or vibration.
The oil industry requires accurate, repeatable measurement of the separation of water, oil and gas. Salunda is developing reliable, inline sensors that measure the water content of crude oil, contamination and actual fluid level in the presence of bubbles and froth. OEM components based on patented technologies are available for open-bore water cut and multiphase flow application.
YASA Motors – P400 Series with Lightweight Gearbox
Integrated Lightweight Electric Vehicle Transmissions
Application example:
YASA P400 Series Motors with lightweight gearboxes.
Xtrac, a leader in the design and manufacture of vehicle transmissions, has a family of highly configurable gearboxes available that address the growing market requirement for single speed, lightweight and power dense electric vehicle (EV) transmissions. Driven by YASA P400 Series motors, the Xtrac P1227 Integrated Lightweight Electric Vehicle (ILEV) transmissions provide up to 3900 Nm and 320kW peak at the wheels from just 95kg for gearbox and two motors combined in a full torque vectoring configuration.
This family of transmissions can be configured into one of the three arrangements shown below.
Xeros: Successfully Completes Tannery Trials
Full scale trial of Xeros’ technology in leather processing completed
Xeros Technology Group plc (AIM: XSG, ‘Xeros’ or ‘the Group’), the innovative developer of patented polymer bead systems with multiple identified commercial applications, has successfully completed a full scale trial of its technology within a leading tannery.
The trial was part of a multi-phase joint development agreement with LANXESS Deutschland GmbH to advance the application of Xeros’ patented polymer bead technology in the leather processing industry.
The full scale trial which was conducted by a leading independent tannery has shown that material reductions in water, chemistry and effluent are achievable by using Xeros’ technology in the retanning and dyeing phase of leather processing. When Xeros’ technology was applied to this phase of the process, the water used and the effluent generated were reduced by over 50%. The leather produced was judged to be of excellent quality in terms of look, feel, and handle.
The Group intends to continue further trials to determine the maximum potential of its technology in this field whilst simultaneously progressing its commercialisation plan.
Mark Nichols, Chief Executive of Xeros, said:
“This is an important development which hails a step change in the sustainability of the leather processing industry.
“This successful trial provides encouraging evidence of the momentum building across the Group’s activities and demonstrates another application of our platform technology.”
Note:
Leather processing involves four phases: beamhouse, tanning, retanning & dyeing and finishing. The trial just concluded focussed on the third phase in the process.
YASA Motors – Parkwalk closes follow-on investment
We are delighted to announce that the Parkwalk Opportunities Fund and the UK Tech Fund VII have led a funding round in YASA Motors, a spin-out from the University of Oxford. The company aims to commercialise its patented technology in electric motors and generators across a range of product areas.
YASA Motors (YASA) was incorporated in 2009 to commercialise the unique motor topology developed by founder and CTO Dr Woolmer at the University of Oxford. The Yokeless And Segmented Armature design – hence YASA – allows more efficient use of key magnetic and structural materials.
The technology allows YASA to manufacture a range of standard electric motors and generators with superior performance characteristics. In particular the motors are smaller and lighter, are easier to manufacture and produce exceptionally high power and torque. YASA’s standard products are typically integrated into customers’ products for low volume applications whilst the company also carries out bespoke design and development work for OEM customers with high volume applications where the volumes can justify the cost of customisation.
Xeros: Interim Results: Progress on all fronts
Highlights
- Accelerating roll out in Commercial Laundry
- Group earned income increased to £744,000 in the five months ended 31 December 2015 (prior period 2014: £95,000)
- Delivering on strategy laid out at fundraising in November 2015
- 56 commercial washing machine installations for the five months ended 31 December 2015
- 94 for the seven months ended 29 February 2016
- Installed fleet totalled 200 at end of February 2016
- Developing Leather Processing
- Full scale leather processing trials continuing in leading European leather tannery, as part of joint development agreement with LANXESS
- Increasing scope and scale of polymer science platform
- Detailed studies underway to analyse potential further applications of our polymer science in global industries
Mark Nichols, Chief Executive of Xeros, said:
“Our business development activities have continued in line with the plans laid out during our £40m fundraising in November last year.
“The roll out of Commercial Laundry continues at a good pace. We are now installing machines at an approximate rate of one per working day and expect this rate to progressively increase.
“In Leather Processing, our full scale trials are on track and are scheduled to be completed around the middle of the year. We anticipate that these trials will show that our polymer beads, which were specifically designed for this application, deliver economic, operational and sustainability improvements.
“Studies to identify new potential applications are also progressing on schedule and are providing further evidence that we possess a platform technology.”
Notes to Editors
Xeros Technology Group plc (LN: XSG) is a platform technology company that is reinventing water intensive industrial and commercial processes by replacing water with polymer bead technologies. Its patented technologies have the capacity to provide material economic, operational and sustainability improvements that are unachievable with traditional processes. The Group is well established in the commercial laundry market where immediate opportunities exist for substantial growth and is currently in various stages of development to apply its technology across a range of water intensive industrial and commercial markets. The Group joined AIM in 2014 and in November 2015 raised gross proceeds of £40m by way of a placing to accelerate the commercialisation of its innovative technology across global laundry markets and to further develop its patented technology for other identified industrial and domestic processes.
For more information, please visit – http://www.xeroscleaning.com/
Operational review: progress and plans
We continue to implement successfully the strategy we set out at the time of our fundraising in November 2015: to build and apply our polymer bead science platform to reduce dramatically the consumption of both water and energy in major global industrial and consumer processes, whilst simultaneously improving the quality and sustainability of their outcomes. In so doing, we seek to derive high quality earnings for the Group based upon the savings and performance improvements delivered.
The fundraising is enabling us to accelerate the execution of this strategy, in building out our Commercial Laundry business, in driving progress towards commercialisation in the leather processing business and in rapidly progressing the development of additional attractive applications.
Commercial Laundry
Growth in the machine installation rate continued at a good pace. We are now installing machines at an approximate rate of one per working day, with sales and service margins in line with our expectations. We expect the installation rate to increase progressively. We anticipate broadly equal demand between “Perform” (machine sale) and “Complete” (machine lease) over time, but currently weighted towards “Complete”
We continue to increase the numbers and the accreditation level of our Forward Channel Partners (‘FCPs’) in the US whilst simultaneously increasing customer satisfaction levels, which have consistently exceeded 90% in 2016 to date. FCPs have also generated 50% of our sales since the beginning of the year.
We are also making progress on the strengthening of our supply chain. Our second source manufacturer for 25kg washing machines is now producing and shipping units. 16kg machines, which allow us to address a larger share of the commercial laundry market as a whole, are now also being produced for field trials as a complement to our 25kg machines.
Our Sbeadycare® integrated customer proposition covering polymer beads, chemistry and service is now being supplemented with our industry changing information technology systems, “Pulse 3.0” and “Connect”. These systems which are now being introduced to all of our customer sites, monitor and help manage machines in customers’ laundries and provide information on cleaning performance, energy/water saving and maintenance requirements. The information received is highly valuable in enhancing laundry operations and their sustainability and also enables us to improve the performance of the entire value chain including our FCPs.
Domestic Laundry
Discussions continue with major machine OEMs, who have shown an encouraging level of interest in working with Xeros. Alongside such discussions, we are developing a washing machine for the US market with which to conduct consumer field trials in due course.
In addition, we are studying potential models whereby Xeros could share appropriately in the ongoing benefits which would accrue to end consumers from the use of our technology in the form of reduced utilities and detergent.
Leather Processing
Full scale trials as provided for in our Joint Development Agreement with LANXESS, are proceeding within a leading European leather tannery and are scheduled for completion around the middle of the year.
Results so far have been encouraging and we anticipate that these trials will show that our polymer beads, which were specifically designed for this application, deliver economic, operational and sustainability improvements. We are actively working to optimise a number of dependent variables in these trials to produce the best results from both a quality and an economic perspective.
Bead management systems for use within the industry are now being engineered in our Technology Centre in Sheffield with a view to selecting and producing an optimised system toward the end of the year.
Further applications development
Studies to identify future potential applications are now close to completion and we are about to commence detailed reviews of areas which we have identified as being potentially high in opportunity.
Our expectation is that, over the medium term, we will increase our intellectual property estate and ultimately create additional revenue opportunities.
Organisation
We have continued to build capability in our Commercial Laundry organisation to support its future growth. Our Science and Engineering teams have also been increased and are aligned to opportunity areas in multi-disciplinary teams.
We are in the process of integrating all Commercial Laundry engineering in the US into our new Engineering Centre in Seekonk, Massachusetts. This integration will both speed up the development of our washing machine platforms and also create capacity in our Technology Centre in Sheffield to undertake applications engineering in Leather Processing and beyond.
Summary
It has been a busy four months since we raised £40 million to accelerate our strategy, and we are making good progress on all fronts.
Looking ahead: in Commercial Laundry we are on course to grow from our current installation rate of one machine per working day. In Leather Processing, our full scale trials are also progressing on track and are scheduled to be completed around the middle of the year. Studies to identify new potential applications are on schedule and early signs indicate that we possess a platform technology which can be successfully applied to a number of global industries.
We look forward to the future with confidence.
Xeros: Rapidly gaining traction in Commercial Laundry and proposed £40m Placing
Xeros Technology Group plc (AIM: XSG, ‘the Group’, ‘Xeros’), the innovative developer of patented polymer bead systems with multiple identified commercial applications, today published results for the year ended 31 July 2015.
The Group also intends to raise approximately £40 million via a placing of new Ordinary Shares at a price of 225p per with both new and existing institutional investors – see separate announcement.
Highlights
Significant progress made in Commercial Laundry:
- Increasing US market take-up – 46% of machine sales repeat or affiliated buyers
- Seven out of 10 largest US hotel chains now customers
- Team of seasoned industry professionals recruited and forward channel partner network established
At end of September 2015:
- 103 machines US customer installations – further 39 committed to be installed
- 20 machines installed in Europe – further commitments to install of 15
- Leather Processing – accelerating progress towards scale validation
- Phase 2 covering full scale trials started mid-October 2015, due for completion by the end of H1 2016
- Domestic Laundry – market potential greatly in excess of commercial laundry
- Significant activities planned to develop the opportunity
- Earned income up 52% to £480,000 (2014: £315,000)
- As at 31 July 2015, contracted future revenues of £1.6m (2014: £0.8m)
Proposed Placing to raise approximately £40 million
Funds raised will enable the Group to maintain the momentum seen since IPO over approximately the next two and a half years as it seeks:
- to accelerate its roll out strategy of the Commercial Laundry business in the Americas and Europe
- to continue its development of technologies for the domestic laundry and leather processing markets and
- to increase the scope and scale of its polymer science and engineering platforms in order to capitalise on additional opportunities to apply its polymer bead innovations.
Circular to be sent to Shareholders today, appending a Notice of General Meeting
John Samuel, Chairman of Xeros, said:
“I am very pleased with the progress we have made in the year to 31 July 2015 and believe that we are well placed to capitalise upon that progress in the current year. We have made significant advances in our disruptive technology platform and are increasingly confident of its potential in a number of industries. We plan to continue to invest in the development of the commercial laundry business and also to accelerate the development of other applications of this technology.”
Mark Nichols, Chief Executive Officer of Xeros, said:
“In the short term, we are focusing on driving our commercial laundry business to meet the growing demand, particularly in the US, for our energy and water efficient solutions with superior cleaning performance. This is providing us with increasing forward visibility on revenues. As at 31 July 2015,contracted future revenues amount to £1.6m up from £0.8m.
“In the medium term, we plan to capitalise on the excellent progress we continue to make with our application in leather processing. We are also developing the opportunity in the global domestic laundry market.
“In the longer term, we have the opportunity to commercialise a number of further applications in parallel.
“The fundraising announced today will support the execution of our strategies over these horizons.We look forward to the future with confidence.”
For further information, please contact:
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Xeros Technology Group plc www.xeroscleaning.com |
Via Instinctif Partners |
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Mark Nichols, Chief Executive Officer Chris Hanson, Chief Financial Officer |
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Instinctif Partners |
Tel: 020 7457 2020 |
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Adrian Duffield / Helen Tarbet / James Gray |
OxfordPV – closes further funding round
We are pleased to announce that Parkwalk has made a further investment in OxfordPV through a Parkwalk Syndicate.
Oxford Photovoltaics is an Oxford-based technology business, founded in 2010, formed on technology originally developed in the Department of Physics at the University of Oxford under Professor Henry Snaith and his academic team of 20 scientists.
Professor Snaith is leading an intensive and wide-ranging programme to develop a thin-film solar cell using a perovskite-structure to enhance solar absorption and conversion. The programme is advancing rapidly with lab cell efficiency of more than 17%, with identified enhancements which should deliver close to 20% efficiency within the next 12 months.
Oxford PV envisages the technology being utilised to enhance the performance of silicon-based solar cells by adding a perovskite layer on top of the silicon to create a tandem cell structure. This is expected to add up to 5% to the efficiency of a 20% silicon cells, taking their performance towards 25%. Future generations of the product will include perovskite-on-perovskite cells, where performance could reach 30%.
