Xeros Shares up as Utilities Offer Incentives

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Xeros Technology Group Shares Rise After It Said Two More US Utility Companies Had Launched Energy Incentive Programmes for Customers Who Commit to Reducing Their Energy and Water Consumption Through the Use of a Xeros Commercial Laundry System

Xeros Technology Group PLC saw its shares rise early Monday after it said two more US utility companies had launched energy incentive programmes for customers who commit to reducing their energy and water consumption through the use of a Xeros Commercial Laundry System.

The company claims its polymer bead cleaning system will reduce energy and water use, and the claims are being backed by its take-up by the US utilities.

In May, Liberty Utilities made its first incentive payment of USD28,000 for a Xeros installation in the northeast of the US, and it has now been joined by Columbia Gas and National Grid in launching energy incentive programmes.

Xeros said Columbia Gas of Massachusetts, a subsidiary of NiSource Inc, has paid incentives totalling USD33,000 to date to buy Xeros systems, while National Grid, the utility company headquartered in the UK but with broad distribution across the US East Coast, has provided incentives totalling USD24,000 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," Xeros said.

RISE Engineering, an independent utility consultant, was commissioned by the utility companies to perform a technical study on the Xeros System, Xeros Tech said in a statement. 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," Xeros said.

Source: LSE

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