Subsea Cable Startup XLCC Aims to Raise £1 Billion for UK Plant
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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.