X1 Wind closes fourth round to scale 8.5MW floating wind platform
What's the deal? X1 WindDealroom has a profile for this one. Try Dealroom →, a floating wind technology developer, has closed its fourth strategic funding round, led by Grow VP. The firm will acquire around 8% of the company's share capital, while Avançsa will take a similar stake.
The round also included converting instruments previously provided by existing shareholders, including Technip EnergiesDealroom has a profile for this one. Try Dealroom →, EIC Fund, and CDTI InnvierteDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The funding will support X1 Wind as it moves from technology validation towards commercial deployment. The company is advancing its NextFloat project, which involves deploying its X100 8.5MW floating platform at the PlemCat test site in Catalonia, Spain.
The site has received environmental impact assessment approval. Manufacturing of the platform is expected to begin in 2027.
Why it matters: X1 Wind's technology combines a tension-leg platform design with features of semi-submersible structures. It aims to cut costs while maintaining stability and limiting environmental impacts.
The signal: The round marks X1 Wind's transition from prototype to commercial deployment, a critical juncture for floating wind developers seeking to prove their designs at scale.
Image credit: mmatsuura
