UK Infrastructure Bank Invests in Subsea HVDC Cable Maker XLCC
Summary
The UK Infrastructure Bank (UKIB) has announced a GBP 20 million initial investment in subsea HVDC cable manufacturer XLCC to develop a new factory in Hunterston, Scotland. The funding package includes an option for an additional GBP 67 million, contingent upon the company meeting specific development milestones. The UKIB commitment is complemented by further investment from both existing and new investors.Also Read: OMS Group Allocates USD 300 Million for Subsea Cable and Infrastructure ExpansionThis is in addition to the more than GBP 40 million already raised by the company to date, which has been used to design the product, complete detailed design activities for the factory, and secure full planning permission for the site, UKIB said in a joint statement.According to the official release, this investment highlights the Banks commitment to supporting the UK governments Clean Energy Mission, which aims to achieve net-zero emissions by strengthening domestic supply chains for critical components. Once completed, the new facility is projected to produce thousands of kilometres of advanced HVDC cable annually, creating around 900 permanent jobs, including over 200 apprenticeships.Also Read: Aqua Comms Activates New Fiber Pair on the AEC-1 Subsea NetworkThe subsea HVDC cables built at Hunterston will be capable of transporting energy over long distances with significantly increased efficiency. As a result, they will play a crucial role in the grid upgrades needed for the energy transition.This will enable the large-scale connection of renewable energy and allow clean energy generated by wind farms in the North Sea to be transported to homes and businesses across the country, the company said.