- Alexium International Group (AJX) has announced it's developed a new cooling technology for textile and foam-based products
- The company said its new Alexicool Phonon technology enhances the rate of cooling by up to 200 per cent, compared to current products
- Alexium also believes the new Phonon technology will be a game-changer, and they'll focus on applying it to the mattress industry first
- Following today's announcement, shares in the company have increased by 38.6 per cent
- Shares in Alexium closed today trading for 7.9 cents each
Alexium International Group (AJX) has announced it's developed a new cooling technology, which is poised to "disrupt markets".
The breakthrough Alexicool Phonon technology comes after years of research by the company and essentially works to create a "perpetual cooling experience" in foam and textile products.
The Phonon difference
Alexium's said their new technology enhances the rate of cooling by up to 200 per cent, compared to current products.
It also differs from the company's Alexicool phase change materials (PCM) technology - which absorbs heat - by instead moving the heat away from the consumer.
Phonon also differentiates itself by providing non-stop cooling by continually regulating and removing the heat from its consumers.
The patent for the technology is still pending at this stage, however, the company is pushing ahead with establishing the new technology in the bedding market.
Cooler nights sleep
Alexium chose to focus on applying its Phonon technology to bedding products as it's already established in the bedding market.
This will allow the company to further expand its offering in the lucrative total mattress cooling systems, which is estimated to be worth US$60 million (around A$84 million).
Alexium CEO, Bob Brookins, said he believed the new technology would disrupt the wider bedding market.
"Cooling technologies have become a critical selling feature for premium mattress manufacturers over recent years and Alexium has garnered a deserved reputation for leading technical innovation and analytics via its Alexicool products," he said.
The CEO also said the company is interested in cracking into the upholstery, medical products, sporting goods, and outdoor apparel markets with the new technology.
Stock price boost
Following today's announcement about the technology breakthrough, shares in the company jumped up 38.6 per cent, one of the biggest gains in today's market.
Alexium's share price opened at 6 cents per share, before jumping up to 9.2 cents at its peak.
Shares finally closed today, August 4, trading slightly down on that high for 7.9 cents per share.