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X1 Wind secures €2.5 million funding

By: Tom Russell 22/06/2021 X1 Wind

General Windfarms

X1 Wind has secured a multi-million euro grant to launch its first commercial floating wind project. The Barcelona headquartered floating wind technology developer has been allocated €2.5 million through the European Innovation Council (EIC) Accelerator programme.

It was named among 38 of the most promising start-ups by the EIC after being shortlisted from 4200 applications to receive funding to ‘develop and scale up ground-breaking innovations’.

X1 Wind CEO & Co-Founder Alex Raventos said the grant will provide resources to rapidly accelerate the detailed design and certification process of its first commercial large-scale floating wind units.

The firm is currently preparing to deploy its ground-breaking PivotBuoy® technology at 1:3 scale in the Canary Islands after successfully completing the assembly and load-out. The fully functional (X30) prototype is equipped with a Vestas V29 turbine and will be stationed at a 50m water depth on the PLOCAN test site, with full exposure to open ocean conditions.

“Following a rigorous application process, we are delighted to report our successful bid for EIC Accelerator funding,” said X1 Wind's CEO & co-founder, Alex Raventos. “This is the result of a tremendous team effort and represents a major vote of confidence in our technology which has matured significantly in recent years, now offering a truly unique and disruptive form on floating wind energy. The cash injection will be specifically used to fast-track the detailed design and certification of our first large-scale floating wind unit. We are currently in the process of evaluating potential pre-commercial sites and projects, in order to continue driving momentum following our current demonstration project in the Canary Islands.”

X1 Wind’s technology is designed to reduce the current Levelized Cost Of Electricity (LCOE) of floating wind through reduced floater weight, a faster and cheaper installation process and a more reliable operation. The system is connected to a single point mooring system in a downwind configuration – creating a "weathervaning" solution which uses of passive systems.

“Our next-generation floating wind platform has a unique design that scales up efficiently with increasingly larger turbines. In addition, the platform’s modular design is highly suitable for mass manufacturing, advancing the industrialization plans for serial fabrication of floating wind,” added Mr Raventos. “This will enable us to meet the considerable demand and fuel ambitious targets set out for the global expansion of the industry. X1 Wind’s final commercial-scale design will draw on knowledge and expertise from experienced fabricators, shipyards and ports to automate and streamline processes, which will ultimately help drive down costs.“

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X1 Wind secures €2.5 million funding

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