The UK Infrastructure Bank (UKIB) has announced an investment in subsea HVDC cable manufacturer XLCC to develop a new factory in Hunterston, Scotland.
The funding includes an initial £20 million from the UKIB, with an option to invest a further £67 million upon XLCC achieving specific development and funding milestones.
The Bank’s financing will help XLCC develop its factory in Hunterston, which, once completed, will have the capacity to produce thousands of kilometres each year of HVDC cable. The UKIB commitment is complemented by additional investment from existing and new investors. This is in addition to the over £40 million raised by the company to date, which has been used to design the product, complete detailed design activities for the factory, and achieve full planning permission at the site.
