Field Fisher Waterhouse advises on green technology venture capital investment
29 November 2010
Field Fisher Waterhouse LLP has advised Xeros Ltd on a £3.5
million venture capital fundraising that will see the University of
Leeds spin-out company further develop its new, environmentally
friendly clothes cleaning process.
The funds were raised from new investors including the
Entrepreneurs Fund, Parkwalk Advisors Ltd and Finance Yorkshire as
well as existing investors including IP Group, IP Venture Fund and
the RisingStars Growth Fund.
Xeros is the brand name for a polymer-based cleaning system that
reduces the cost and environmental impact of washing clothes. The
new system saves up to 90% of the water compared to standard
laundry systems and gives the same performance as conventional
washing. The patented process uses reusable plastic beads alongside
a fraction of the detergent normally used in washing, to absorb and
remove dirt. The process therefore has the potential to provide
significant benefits in energy and water efficiency and lower
effluent without any compromise on cleaning.
Over the last 12 months, Xeros has developed a prototype machine
that removes the beads from clothes after washing; has confirmed
manufacturing and distribution partnerships both in the UK and US;
and is gearing up for an initial launch in the commercial laundry
market by the end of 2011. The company is also continuing to work
towards the development of a household washing system.
Field Fisher Waterhouse corporate partner Neil Foster and senior
associate Tim Davison advised Xeros on the investment, working
closely with chief executive Bill Westwater.
Neil Foster said: “This is an exciting project to be involved in
that marks a huge step forward in green sector technology. The
Government has outlined that innovations such as this are the
future of the UK economy and we were delighted to help Xeros secure
vital funding for this important project.”
Bill Westwater, CEO of Xeros Ltd said “Obviously we are
delighted to complete this funding round which sets us well on the
way to imminent in-market success and revenues. Field Fisher
Waterhouse provided excellent advice and insight from start to
successful finish. Given the diverse interests of the multiple
investors, this was no mean feat and a strong start to what I trust
will be an ongoing partnership.”
Field Fisher Waterhouse LLP has a strong track record in the
green and sustainable sector. Earlier this year it advised
cleantech business 2K Manufacturing Ltd (2K) on a second round
venture capital funding and multi-stage funding agreement with
investor Foresight Group. Other clients include G24 Innovations, a
manufacturer of next-generation solar cells.
Brown Rudnick advised the investors.
For further press information, please
contact:
Louise Eckersley, PR Manager,
Field Fisher Waterhouse LLP on +44 (0)20 7861 4120
Amie
Ryalls, PR Executive, Field Fisher Waterhouse LLP on + 44 (0)20
7861 4995