X1 Wind has secured a multi-million euro grant to launch its first commercial floating wind project. The floating wind technology developer has been allocated €2.5m through the European Innovation Council (EIC) Accelerator program.
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.
PivotBuoy® technology
The fully functional (X30) prototype is equipped with a Vestas V29 turbine The firm is currently preparing to deploy its ground-breaking PivotBuoy® technology at 1:3 scale in the Canary Islands after 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 at the PLOCAN test site with full exposure to open ocean conditions.
First Large-Scale Floating Wind Unit
“Following a rigorous application process, we are delighted to report our successful bid for EIC Accelerator funding,” said X1 Wind 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, to continue driving momentum following our current demonstration project in the Canary Islands.”
Reduces The LCOE Of Floating Wind
X1 Wind initially attracted the attention of the EIC due to its innovative takes on floating wind. The firm’s technology is designed to substantially reduce the current Levelised 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 that maximises the use of passive systems.
EIC Accelerator Pilot
The start-ups and SMEs selected for the EIC Accelerator Pilot come from 18 countries. All of which underwent a highly competitive evaluation by external experts. After whittling down thousands of entries the highest scoring 134 applications were invited to pitch online to an independent jury of experts, investors, and entrepreneurs.
As well as the financial support, the benefactors also have access to coaching, networking, and business acceleration services to help build their businesses.
The next-generation floating wind platform has a unique design that scales up efficiently with larger turbines
Commercial-Scale Design
“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 industrialisation 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.”