AGM advises Technip Energies in X1 Wind investment round

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Sandrine Le Jeune

The French company Technip Energies, a leading engineering and technology company for the energy transition, closes the financing round, acquiring 16.3% of the Catalan company X1 Wind, under the advice of AGM Abogados.

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.

The M&A team of AGM Abogados, led by the Partner of the area Francisco Lacasa Lobera and the head of the area, Julio Menchaca Vite, with the support of the lawyer Felix Navas Mir, has advised Technip Energies in the investment round of X1 Wind, especially regarding the negotiation of the investment agreement.

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.

About Technip Energies

Technip Energies is a company specialized in engineering and technology solutions based in France, with more than 60 years of history, located in 34 countries and employing 15,000 people. It operates in the gas business (liquefied natural gas, brown hydrogen) and is gaining positions in the emerging markets of blue (from fossil fuels) and green hydrogen, sustainable chemistry and CO2 management.

About X1 Wind

X1 Wind is a Catalonian renewable energy start-up that has designed an innovative and disruptive floating wind turbine system for offshore wind turbines, with significant environmental and operational advantages. It has successfully executed several tank tests campaigns and has completed the design, assembly and launching of a partial scale demonstration unit in the Canary Islands. It has recently been awarded the European Innovation Council (EIC) Accelerator program among more than 4,000 European companies, to advance the development of its innovative solution and accelerate its commercial implementation.

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Mergers and Acquisitions newspaper New