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Monday, May 20, 2024

AGM advises Technip Energies on X1 Wind investment round

AGM Abogados has advised French company Technip Energies on the closing of the financing round to acquire 16.3% of the Catalan company X1 Wind, especially regarding the negotiation of the investment agreement

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Technip Energies is the lead investor in this financing round, which also has the participation of the European Innovation Council (EIC) Fund, owned by the European Commission, advised by the European Investment Bank (EIB), and some of the previous shareholders of X1 Wind. Under the terms of the agreement, the French company then takes 2 of the 9 seats on X1 Wind’s Board of Directors.

Technip Energies and X1 Wind will collaborate on the development of the first commercial-scale prototype demonstrator, as well as on the industrialization and commercialization plans for this 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 the current floating offshore wind market with its existing semi-submersible technology but also preparing for the future with this promising design to become the leader in the next generation of floaters. Thanks to our offshore project execution and our experience in developing technical concepts through to commercialization, we are confident that X1 Wind will be a great addition to Technip Energies’ portfolio of technology solutions in a near future.”

Àlex Raventós, co-founder and CEO of X1 Wind, said: “Our innovation capabilities and disruptive lightweight technology, together with Technip Energies’ decades of experience in the offshore sector and proven track record in implementing early floating wind projects, brings a perfect alliance to develop the next generation of floating wind technology needed to reduce costs in the floating wind sector to meet ambitious targets and contribute to a carbon-neutral but competitive energy mix.”

The M&A team of AGM Abogados was led by partner Francisco Lacasa Lobera and the head of the area, Julio Menchaca Vite, with the support of the lawyer Felix Navas Mir.

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