Technip Energies acquires 16% of offshore wind energy start-up

Gastech Technip Energies

Technip Energies, a leading Engineering & Technology company dedicated to advancing the energy transition, announced this Tuesday it has acquired a 16.3% stake in X1 Wind, a renewable energy startup that has designed an innovative and disruptive offshore wind turbine floater with major environmental and operational benefits.

Firstly, the acquisition of the stake percentage comes as a strategic investment from Technip Energies, as a lead investor in a funding round. In the round, the European Innovation Council (EIC) Fund is also participating.

Moreover, some of X1 Wind’s previous shareholders are also participating. According to the statement, under the terms of the agreement, Technip Energies will hold two of the nine seats on X1 Wind’s Board of Directors.

In addition, the investment comes along with an operational agreement whereby Technip Energies will support X1 Wind’s management. It would do so through its participation in joint technical and commercialization committees; by bringing its engineering capabilities, offshore project execution, and industrialization know-how to carry the X1 Wind concept to commercial application. All of these aim to include the pioneering technology in Technip Energies’ floating offshore wind (FOW) offering.

Furthermore, the X1 Wind FOW concept bases on a Tension Leg Platform (TLP) mooring; with a weathervaning system and a downwind turbine. Such a design allows for a lighter floater with a significantly reduced steel requirement; and for a more efficient and restricted mooring system; which minimizes the impact on the seabed.

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Technip Energies aims to become offshore wind energy leader

Additionally, it is scalable for turbines of 15+ MW, facilitating cost-effective deployment for large-scale offshore wind farms. Consequently, under the arrangement, both companies will collaborate on the development of the first commercial-scale demonstrator; as well as the related industrialization and commercialization plans of the technology.

Willy Gauttier, Technip Energies Vice President for Floating Offshore Wind, commented. “With this investment and collaboration, Technip Energies demonstrates that it is not only addressing today’s floating offshore wind market with its current semi-submersible technology. It is also preparing the future with this promising design to become the leader of the next generation of floaters.”

He also remarked. “We are confident that X1 Wind will be a great addition to Technip Energies’ portfolio of technology solutions in the near future.”

Finally, Alex Raventos, Co-founder and CEO of X1 Wind, said. “Our innovation capacity and disruptive light-weight technology, coupled with Technip Energies’ decades of experience in the offshore sector and proven track-record implementing the first floating wind projects, brings a perfect alliance to develop the next generation of floating wind technology, necessary to lower the costs of the floating wind sector to meet the ambitious targets and contribute to a carbon-neutral but competitive energy mix.”

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