First Light Fusion – £22.7m fundraise
Parkwalk portfolio company First Light Fusion has completed a fundraising of up to £22.7 million.
First Light, a spin-out from the University of Oxford, has discovered new implosion processes that can achieve the high temperatures and compression necessary for fusion reactions and other valuable applications. The Company’s approach has the potential to dramatically shorten the timescale and cost of achieving practical and affordable fusion energy. This fundraising will allow First Light to further develop its modelling tools and experimental capability and will fund collaborations with leading research groups in the field.
The Company has also announced today that it has established a Scientific Advisory Board to provide technical input and governance for its ongoing development programme. The Board is chaired by Arun Majumdar, who is the Jay Precourt Professor at Stanford University, and consists of eminent figures in energy innovation including Nobel laureate Steven Chu, the former US Energy Secretary.
Investors in the financing round include IP Group plc, a fund managed by Invesco Asset Management Limited, clients advised or managed by Sandaire Investment Office and the University of Oxford.
Visit the First Light Fusion website here.
Xeros: update on joint development programme
Xeros Technology Group said the multi-phase joint development programme between it and LANXESS Deutschland GmbH to advance the application of Xeros’ polymer bead cleaning technology in the leather processing industry is on schedule.
Phase 1 has been concluded satisfactorily and the partnership is going to enter the next phase of technical and commercial validation as planned for the second half of 2015.
The Leather business unit of specialty chemicals group LANXESS is a leading supplier of systems solutions for the leather industry. The unit is part of LANXESS’ Performance Chemicals segment, which posted sales of EUR 2.2 billion in fiscal 2014.
Xeros has developed a process, similar to its patented process already deployed in its established Commercial Laundry business, whereby the majority of water used in leather processing is replaced by Xeros’ high performance polymer beads.
Parkwalk closes Reduse investment
We are pleased to announce that the University of Cambridge Enterprise Fund III has made an investment in Reduse, a spin out from the Low Carbon Materials Processing Group at the University of Cambridge.
Reduse are seeking to change the way laser printed office paper is treated post use. Instead of disposal, recycling and shredding a substantial percentage of laser printed sheets can, using the ‘unprinter’ technology, be cleaned of all toner without damaging the paper.
Carrying out the processes of delivery, storage and control of waste paper takes time; and the costs of secure shredding and footprint are significant.
Xeros: Interim Results
Xeros Technology Group plc – Building momentum
Xeros Technology Group plc (AIM: XSG, “Xeros” or “the Group”) , the innovative developer of a patented polymer bead cleaning system with multiple identified commercial applications, today announces its unaudited interim results for the six months ended 31 January 2015.
Operational highlights
Commercial Laundry – Increasing customer traction:
- As at 31 January 2015: 41 installations with a further 61 committed to be installed
- 17 new machine installations in the period
- As at 24 April 2015: 54 installations with a further 69 committed to be installed
- 13 utility incentives programmes signed, more in progress
- 61 Forward Channel Partners sign at Clean Show 2015, significantly expanding the Group’s sales and service capabilities across North America
- Smaller machine development continues: launch 15 kg prototype before the end of 2015
Domestic Laundry
- Ongoing partner discussions with machine manufacturers and detergent companies
Beyond Laundry
- Leather processing – joint development programme with LANXESS announced today to develop leather bead processing technology
- Cash balance as at 31 January 2015 of £24.2m (31 July 2014: £29.5m)
Bill Westwater, CEO of Xeros Technology Group, said:
“The building blocks are in place for acceleration in our primary Commercial Laundry business. The combined impact of water scarcity and energy conservation, especially in our key US market, are now intense market trends. Our current enterprise customers are demonstrating that Xeros bead cleaning provides a robust and effective solution. This was clear from the excitement that we created at Clean Show 2015, with 61 channel partners signing up in four days to provide us with a scalable sales and service capability across North America.
“It is not only in Commercial Laundry where we have seen success. The joint development programme announced today with LANXESS provides an entirely incremental opportunity to develop and ultimately commercialise a Xeros bead solution in the $50 billion leather processing market. Just as we did in Commercial Laundry, our team is set to move from positive laboratory trials to a prototype in a tannery before the end of 2015.
“We continue to discuss partnership opportunities with major global players in Domestic Laundry. Our success in Commercial Laundry, especially as we move to smaller machines and end-user consumer trials, is creating greater interest from these global players.
“We’re hugely encouraged by the momentum building across the Group’s activities as we continue to deliver a superior performing Xeros bead solution for a world that can no longer depend on traditional aqueous processes.”
Parkwalk closes Arvia investment
We are pleased to announce that Parkwalk have made a follow-on investment into Arvia Technology from the Parkwalk Technology EIS Funds. This round has been led by a new Investor and secures the company’s current funding requirements for around 30 months. This is the third investment round in which Parkwalk has participated.
Arvia is exploiting a disruptive new technology for the treatment of organic and microbial wastes in water. Invented and spun-out in 2007 from the University of Manchester, Arvia has received a plethora of major sustainability and technology innovation awards over the last five years. The company has 21 full-time employees at its laboratories in Daresbury.
Arvia is now gaining the attention of a number of the global water technology players and momentum with customer site trials in the nuclear sector. The unique part of Arvia’s technology is it combines two traditional treatment methods for water, adsorption and electrochemical treatment while using a highly conductive media, which can be regenerated within the process. Turning the adsorbed pollutants into trivial quantities of vented gases, whereas where as traditional treatment methods, require the media to be replaced, or the amount of energy required makes the process cost prohibitive. This gives rise to the following generic benefits of Arvia’s technology that apply across all application areas:
- Complete on-site treatment, in a robust low maintenance system
- No or minimal added process chemicals
- Upon decommissioning leaves a secondary solid waste which has an authorised well established disposal route
- Low energy, especially for low levels of difficult to treat organics
At the heart of Arvia’s technology is the patented adsorbent media Nyex, based on dense graphite, which has a high electrical conductivity.
Clean Air Power – EDGE Dual-Fuel™ Distribution Agreement
US Genesis EDGE Dual-Fuel™ Distribution Agreement
Clean Air Power (AIM:CAP), the developer and global leader in compression-ignited natural gas engine systems for heavy duty vehicles is pleased to announce that it has signed a distribution partnership agreement with Bruckner Truck Sales, Inc. (“Bruckner’s”), the leading Volvo and Mack dealership in the Southwestern region of the US.
Headquartered in Texas, Bruckner’s operates 22 dealerships at locations across Colorado, Kansas, New Mexico, Oklahoma and Texas. In partnership with Clean Air Power, Bruckner’s will offer a full installation and support service to the first customers of Clean Air Power’s Genesis-EDGE Dual-Fuel™ system in these key launch states.
The Southwestern region of the US represents an important launch market for the Genesis-EDGE Dual-Fuel™ system due to high diesel to natural gas price differentials and significant state incentives for natural gas vehicles. In Colorado, for instance, tax incentives are available for up to 55% of the capital cost of the system and Oklahoma offers similar incentives for up to 45% of the capital cost. Together these factors make the business case for Genesis-EDGE Dual-Fuel™ system compelling, more than halving the average payback period.
John Pettitt, Chief Executive of Clean Air Power, said: “I am delighted that we have formalised our partnership with Bruckner’s and are now ready to win the first orders for our Genesis EDGE Dual-Fuel™ product in this key part of the US market. Our Dual-Fuel™ system is the only such system to have achieved full EPA certification and as a long established Volvo and Mack dealer with a loyal customer base, Bruckner’s is the ideal partner to support its launch .”
Brian Bruckner, President of Bruckner’s Trucks, said: “Demand for natural gas vehicles in the US is growing and we anticipate that Clean Air Power’s Genesis EDGE Dual-Fuel™ system will help us by offering a differentiated product that delivers real fuel cost savings .”
Oxford PV – Follow on Investment
We are pleased to announce that Parkwalk has made a further investment in OxfordPV through the Opportunities EIS Fund and 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%.
This is extremely attractive to Solar panel manufacturers as they strive to enhance current solar cell efficiencies. As a result OxfordPV already has dialogue with the leading commercial companies in the field and is confident that its’ technology is scalable, easy to use and will provide payback to customers of around 12 months. For OxfordPV, it makes excellent commercial sense to ride with their customers into a large existing market which is already valued at around $100bn per annum, and growing rapidly.
The technology is protected by 19 patent families applied for.
The Parkwalk team first committed capital to OxfordPV in April 2011 and has since provided further capital for investment in every funding round. On the basis of the price of the last funding round, the investments have delivered an IRR of 43.1% on the first two investment tranches and 104.6% on the third tranche.
Oxford PV believe the global tandem cell market will be in excess of $100bn by 2023, and the building-integrated PV market a further $10bn. This latest round of funding will help take the technology and the company into close commercial relationships with end customers and help build a position within these very large markets. This technology has huge potential and the Management Team have deep experience at building substantial, profitable and valuable companies for shareholders.
The Science underpinning OxfordPV is ground breaking. As energy generated from solar cells competes, without subsidy, with carbon based fuels, The Tandem solar cells being developed by the OxfordPV team offer the opportunity for the solar energy market to significantly undercut the price of other mainstream energy sources. As such the financial opportunity is substantial and Parkwalk believe that,while there is still technological and commercial risk, OxfordPV could become a significant global company.
Clean Air Power – EDGE Dual-Fuel™ Product Achieves EPA Certification
US Genesis EDGE Dual-Fuel™ Product Achieves EPA Certification
Further to the announcement on 17 December 2014, Clean Air Power (AIM:CAP), the developer and global leader in compression-ignited natural gas engine systems for heavy duty vehicles is pleased to announce that it has received a Certificate of Conformity from the United States (US) Environmental Protection Agency (EPA) for its US Genesis EDGE Dual-Fuel™ product.
The certificate confirms that Clean Air Power’s Dual-Fuel engine meets EPA emissions requirements and is valid in 49 of the 50 US states. A separate application has been submitted to the California Air Resources Board.
Clean Air Power is now working to complete the commercial development and finalise logistical preparations ahead of commercial launch.
John Pettitt, Chief Executive of Clean Air Power, said: “I am delighted that we are now in the final stages of our preparations for the commercial launch of our Genesis EDGE Dual-Fuel™ product in the large and rapidly growing US market. Achieving EPA emissions certification is a major hurdle overcome.”
Clean Air Power – Meets Emission Targets For US Genesis-EDGE Product
Clean Air Power Ltd on Wednesday said its US Genesis-EDGE product has met US2010-compliant emission levels required by the US Environmental Protection Agency.
Clean Air Power said the product meeting the emission standards is the final stage of the testing process and is expected to lead to a formal certification by the EPA in coming months.
“Today’s announcement marks a significant step towards the launch of our product in what is a major potential market for Clean Air Power” said Clean Air Chief Executive John Pettitt.
“A number of technical developments still need to be completed before we can launch the product commercially, but on completion of this important milestone, we can look forward with greater confidence to bringing the technology to the US market as rapidly as possible following formal EPA certification.” Pettitt added.
Oxyntix – rebranding as First Light Fusion
First Light Fusion was spun out from the University of Oxford in July 2011, with seed capital from the IP Group plc, Parkwalk and a number of Angel investors.
Until May 2014, the company was named Oxyntix Ltd.
The company was founded by Professor Yiannis Ventikos, who is currently the Head of the Mechanical Engineering Department at University College, London, and Dr Nicholas Hawker, formerly an Engineering lecturer at Lady Margaret Hall, Oxford.
First Light aims to address one of the world’s largest problems – that energy consumption is expected to increase by 50% by 2030.
Fusion has the ability to produce limitless clean energy, with the hydrogen isotope fuel extracted from water.
Fusion is safe, and no long-lived radioactive waste is produced. Unlike other renewable energy sources, fusion does not need the sun to shine or the wind to blow.
Based in Oxford, First Light Fusion employs directly a team of engineers and physicists, and have made strides forward towards inertial confinement fusion.
Visit the First Light Fusion website here.
Clean Air Power – trading update
Clean Air Power (AIM: CAP), the developer and global leader in compression-ignited natural gas engine management systems for heavy-duty engines, today provides a trading update.
In Europe, the Company has recently received a new order for a minimum of ten and up to 20 Genesis-EDGE Dual-Fuel™ retro-fit systems from a large Belgian haulier. The systems are to be delivered between now and the end of Q1 2015.
The restructuring of the European business around the development of the Russian market also continues to progress. As previously announced, the first customer orders have now been received following the delivery of five demonstration vehicles to our Russian partners earlier in 2014.
In Asia, the Company has signed the contract with a global truck manufacturer to commence the first phase of a production development program for a MicroPilot diesel-natural gas engine for the South East Asian and other markets. This follows the previously announced Letter of Intent and will generate revenues of over $3million in the period to April 2015. If successful, the program will move to a second phase targeting the start of production in 2017.
In the US, work is progressing on the US Genesis EDGE Dual-Fuel™ product to resolve the technical issues which have delayed testing by the Environmental Protection Agency (EPA). The test engine had previously met all EPA emission requirements in internal testing at company facilities in Leyland, UK.
Across the Company, cost control measures have been implemented and the Company continues to manage its cash resources tightly.
John Pettitt, Chief Executive of Clean Air Power, said: “The receipt of new orders for our European Genesis EDGE system and continued progress in developing the market in Russia are encouraging. Along with Russia, the US represents a sizeable new market for Clean Air Power and we are working hard to resolve the technical issues with our US product and to bring it to market.
We also continue to build on our long-term strategy of designing, developing and delivering compression-ignited natural gas engines for OEM partners and Tier 1 suppliers. We are very pleased to have signed the contract for the first phase of our production development program in South East Asia. The market remains significant and represents a major opportunity for Clean Air Power.”
Salunda – University of Oxford Isis Fund I Investment
We have recently closed an investment in Salunda for the University of Oxford Isis Fund I.
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.
Xeros: CBS – Almost waterless washing could come to American homes
CBS News: Read the article here.
OxfordPV – Solar Industry Magazine
Future solar cost reductions hinge on raising solar cell efficiencies – read the article here.
Parkwalk: 4x Exit for Fund I
We are delighted to announce that the Parkwalk UK Tech Fund I has successfully exited from Xeros.
We invested in October 2010 at 33p per share (26.4p net of initial tax reliefs) and exited in a single block trade in September 2014 giving a 4x cash return for investors in Fund I (in under four years).
The exit has led to investors in the Parkwalk UK Tech Fund I receiving back, in cash, more than their original subscription into the Fund, with three other portfolio companies in the Fund still showing commercial potential.
Parkwalk still maintains a substantial holding in Xeros for various other Parkwalk Funds and Syndicates, and we remain confident that Xeros will continue to deliver exceptional growth over the coming years.
Oxford PV: WSJ – Perovskite – cheaper solar energy?
Perovskite Offers Shot at Cheaper Solar Energy
Rapid Gains in Efficiency Make This Class of Compounds a Potential Game Changer
A class of compounds first uncovered in the Ural Mountains more than a century ago is now a rock star in the world of solar-energy research.
Meet perovskite, the building block for materials that, as a group, have posted unprecedented gains in their solar-energy efficiency—the percentage of sunlight converted into electricity. In the lab, scientists experimenting with perovskite-based materials of different compositions have recently achieved a jump in efficiency to 20%, from around 10% just two years ago.
Read the full article here.
Xeros: Positive update on contracts
Xeros Technology Group plc (AIM: XSG), the innovative developer of a patented polymer bead laundry cleaning system with multiple identified commercial applications, is pleased to announce that, following its latest cleaning system contract win, it now counts four out of the world’s top five hotel groups* as customers. According to the 2014 World Hotel Ranking (www.hotel-online.com), IHG, Hilton, Marriott, Wyndham and Choice are the top five hotel groups measured by rooms globally.
As a result, Xeros cleaning systems are now installed, or contracted to be installed, at sites with each of these four hotel groups in the USA, a priority market for Xeros given the increasing scarcity and cost of water in many states. Single or multiple cleaning systems will be in operation with these customers and handling daily demand in busy hotel laundries.
By replacing much of the water with polymer beads, Xeros cleaning systems are saving laundry customers up to 75% of the water, up to 50% of the energy (used to heat water in the washing machine) and up to 50% of the detergent compared to conventional, aqueous washing machines.
Xeros CEO Bill Westwater states:
“Four of the world’s top five hotel groups have now agreed to use Xeros cleaning systems in the USA and we are actively contributing to their achievement of their CSR goals in relation to sustainability. We’ve demonstrated how Xeros technology can bring lasting and meaningful benefits by way of superior cleaning, water and energy reductions and enhanced service through the commercial use of our technology for laundry.
We are highly encouraged by the early adoption of our cleaning systems by these important customers and we look forward to working with them going forwards.”
See more here: www.xeroscleaning.com/investors
Oxford PV’s Perovskite Thin-Film Tandem Layer Boosts Solar Cell Performance By 20%
Oxford PV, a developer of innovative technologies and materials for solar applications, has introduced a new application for its thin-film perovskite technology. The breakthrough is designed to boost the conversion efficiency of existing silicon solar cells by 20 percent — the equivalent of a substantial 3 to 5 percent increase in absolute conversion efficiency terms.
Read the full article here.
Clean Air Power – letter of intent signed with global truck manufacturer
Clean Air Power (AIM: CAP), the global leader in the development and delivery of compression-ignited natural gas systems and software for heavy duty vehicles, is pleased to announce that it has signed a Letter of Intent to commence the first phase of a production development program for a MicroPilot diesel-natural gas engine for the South East Asian and other markets. This follows the successful conclusion of a funded concept study with a global truck manufacturer (announced on 10 February 2014).
This first phase of the program is targeted to commence in September 2014 and will last 6 months, generating revenues for Clean Air Power of over $3 million. If successful, the program will then enter a second phase with the objective to bring a MicroPilot diesel-natural gas engine for the South East Asian and other markets to the start of production in 2017.
Clean Air Power will continue to be supported by Ricardo as part of the co-operation agreement signed in September 2013.
Commenting on the agreement, John Pettitt, CEO of Clean Air Power, said:
“We are delighted to be moving from the concept phase to the first phase of production development on a MicroPilot diesel-natural gas engine with the potential to deliver a significant improvement in performance and efficiency. Our client is a progressive, global truck manufacturer with a bold ambition for the future application of compression-ignited natural gas engines. Its commitment to move ahead with this next phase demonstrates the quality of our technology and the value that our relationship with Ricardo can bring to OEM partners. Our ambition is to become a global design, development and delivery partner of compression-ignited natural gas engines and we are excited about the potential of this latest success to open the door to other OEMs partnerships.”
Note: a MicroPilot diesel-natural gas engine is a fully interfaced engine system that takes advantage of the Group’s patented MicroPilot technology and modern diesel engine technology so that only very small (i.e. “micro”) quantities of diesel spray (i.e. “pilot”) are needed to ignite a mixture of natural gas and air, delivering levels of performance that are not possible to achieve with existing, retro-fitted Dual-FuelTM system technology.
Xeros – Gains Traction as Hotels Adopt Near Waterless Laundry Operations
MANCHESTER, NH–(Marketwired – Jun 25, 2014) – Xeros, the innovator of an ultra-low water laundry system, today announced its rollout plan to the hospitality industry is on track and the majority of Xeros ecologically-sustainable laundry systems have been sold into the top 5 hotel groups in North America. According to MKG Group’s annual rankings reported by Skift, HOTELS’ 325 2013 report named IHG, Hilton Hotels, Marriott International, Wyndham Hotel Group and Choice International as the top five hotel groups in the world.
Read more here.
