Subsea Cable Startup XLCC Aims to Raise £1 Billion for UK Plant [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — The British startup XLCC Ltd. aims to raise over £1 billion ($1.3 billion) for a factory in Scotland manufacturing subsea high-voltage cables vital for Europe's transition away from fossil fuels. XLCC has hired Morgan Stanley to assist in the fund-raising process, which the company aims to launch in the middle of next year, according to Chief Executive Officer Ian Douglas. The project is a bet on the booming market for the crucial electricity equipment. “The whole thing for us is about scale,” Douglas said in an interview. “We have a really big home market. Everyone's short of HVDC.” The company aims to build a factory in Hunterston, Scotland with a 180 meter-tall tower to produce the cables that are necessary to connect offshore wind farms as well as under-sea connections between countries' power grids. Such cables are in short supply, with man
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