The Rotherham-based company has raised gross proceeds of about £4.55m through a placing and subscription of about 303.7 million new ordinary shares in aggregate at the issue price of 1.5 pence per share. It has also provided shareholders with the opportunity to subscribe for an aggregate of up to 66.7 million retail offer shares at the issue price to raise up to about £1m.
Xeros is already working with IFB, India's largest domestic and commercial washing machine manufacturer, on the rollout of home washing machines which use XOrbs. Speaking to The Yorkshire Post last September, Mr Austin said that advanced talks are also happening with major European brands. 'The bigger picture is we want this care technology to be in every washing machine globally,” he said. 'To do that we need to have relationships with the big washing machine manufacturers.