Xeros has announced plans for a potential £100 million stock market listing that could bring its washing beads based technology to the mass market.
Developed by Stephen Burkinshaw, a chemist at Leeds University, the technology has been aimed primarily at commercial laundries, but the company has already developed a prototype for domestic use and is looking to sign a deal with a major manufacturer.
It says the technology has been shown to provide a superior performance while using less water and energy.
Researchers have focused first on helping dyes remain colourfast in fabrics, before exploring how to use polymers to remove stains.
The beads can be re-used and could eventually provide another revenue stream by being sold to businesses such as car makers.
Xeros has so far raised over £15million from investors, who include IP Group, Enterprise Ventures, the Entrepreneurs Fund and Invesco.
The company hopes to raise £30-40 million from the float, giving it a market value of around £100 million. It is initially targeting the commercial laundry market in the US, Britain, Europe and China and has 30 sites either installed or agreed. This should rise to 150 this year.
Other potential applications for the technology include domestic laundry, leather processing and metal cleaning.
Xeros chief executive Bill Westwater said: “Our technology has the potential to transform a number of industries, globally.
“Xeros’s reusable and recyclable polymer bead cleaning systems offer an attractive customer proposition combining cost savings, efficiencies and superior cleaning performance,” said Westwater. “I am delighted that our major shareholders are highly supportive of our proposed listing and associated fundraising.”