X1 Wind has closed a fourth strategic funding round as the Spanish floating wind technology developer prepares to deploy its X100 platform at the PlemCat test site off Catalonia.
The round was led by Grow Ventures, which will hold around 8 per cent of X1 Wind’s share capital, while Catalan investment company Avançsa has acquired a similar stake. Existing investors Technip Energies, the European Innovation Council (EIC) Fund and CDTI Innvierte also converted previously provided financial instruments as part of the operation.
The new funding will support X1 Wind’s transition from technology validation to commercial deployment, with the company now advancing the NextFloat project.
Under the current plans, NextFloat will deploy X1 Wind’s X100 platform, an 8.5 MW floating wind design, at the PlemCat test site in the Spanish Mediterranean, which received environmental approval in July, clearing the path for NextFloat.
The manufacturing of the floating wind platform is expected to take place in 2027, according to X1 Wind.
X1 Wind said the X100 deployment will support the company’s move towards commercialisation of its larger X150 platform, designed for 15 MW to 20 MW turbines. The company said it already holds contracts for the scaled-up version on major projects in Europe and Asia, building on the calculation methodologies validated through X100 certification.
X1 Wind’s technology combines features of a tension-leg platform (TLP) and a semi-submersible floater. Its vertical mooring system is designed to reduce seabed footprint and underwater noise compared with conventional catenary mooring systems, while allowing the platform to coexist with activities such as fishing.
The company also points to cost and installation advantages, and says that its lightweight platform can reduce CAPEX by up to 50 per cent compared with pre-commercial floating wind projects installed recently in Europe.
Its proprietary Quick Connector System is designed to allow connection and disconnection operations in one day, which X1 Wind said can reduce hook-up times by more than 80 per cent compared with pre-commercial floating wind projects installed worldwide.
X1 Wind’s development builds on its earlier prototype programme, which included the X30 floating platform deployed at the PLOCAN test site in the Canary Islands. The prototype generated operational data that the company has been incorporating into its commercial-scale designs.