X1 Wind has signed a grant with the European Innovation Council (EIC) Accelerator programme to help commercialise its floating wind technology.
The €2.5m grant will support the start-up’s launch of its first commercial floating wind project.
X1 Wind 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 and 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 company is preparing to deploy its PivotBuoy technology at 1:3 scale off 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 water depth of 50 metres at 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 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.”
X1 Wind is evaluating potential pre-commercial sites and projects.
X1 Wind initially attracted the attention of the EIC due to its “innovative take” on floating wind which potentially reduces the levelised cost of electricity 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 use of passive systems, X1 said.