20 October 2014
Further Incentive Programmes From US
Xeros Technology Group plc (AIM: XSG), the innovative developer of a patented polymer bead cleaning system with multiple identified commercial applications, today announces that two further utility companies in the US, Columbia Gas and National Grid, have launched energy incentive programmes available to customers who commit to reducing their energy and water consumption through the use of a Xeros Commercial Laundry System. These follow the announcement in May this year that Liberty Utilities had made the first payment under its own Xeros programme.
As evidence of the commitment to the programmes, Columbia Gas of Massachusetts, a subsidiary of NiSource Inc, has paid incentives totalling $33,000 to date to buy Xeros systems. Likewise, National Grid, an international utility company headquartered in the UK with broad distribution across the US East Coast has provided incentives totalling $24,000 to date. These particular incentives represent reductions of up to 50% of the installed cost of a Xeros machine although they vary based on the customer's business and how each utility company calculates them.
RISE Engineering, an independent utility consultant, was commissioned by these utility companies to perform a technical study on the Xeros System. This study included extensive metering of energy and water usage for the Xeros Commercial Laundry System to determine utility savings and calculate incentives. In each case, incentives offered are approved and verified by RISE and the respective utility company.
In May of this year Liberty Utilities made its first incentive payment of $28,000 for a Xeros installation in the northeast of the US.
Bill Westwater, CEO of Xeros, commented:
"We now have three big US utility companies rewarding Xeros customers for investing in our technology and we expect further utility companies to announce similar incentive programmes to achieve our ultimate goal of national coverage. Customers get Xeros' superior cleaning and efficiencies for less; utility companies are proactively addressing the very real problems of energy consumption and water scarcity in the US; and, of course, we can drive early adoption harder and wider in our key geography and market.
This is all part of our growing momentum in the commercial laundry market, particularly in the US, and I look forward to providing shareholders with further updates in due course."