German company invests several million pounds on the Xlinks undersea cable
Several million pounds were spent in Xlinks projects by Conenergy, a German company in the European energy market, giving the construction of the underwater cable linking Morocco and the UK a major boost.
According to British media, Conernergy and Xlinks have established a “financial and strategic” relationship to work together on the project as part of the agreement.
“It is ambitious, innovative, and sustainable, and we believe it is a game changer on the way to European energy security from renewables,” said Roman Dudenhausen, founder and CEO of Conenergy.
He also stated, “It goes without saying that we are happy to be the financial and strategic partners of Xlinks and its staff. Already, more collaborative initiatives are being considered”
According to Simon Morrish, CEO of Xlinks, who spoke about the new agreement,
“Conenergy will bring its sustainability-led, solutions-driven approach to the energy market”, also stated “Their investment in us shows how highly optimistic the markets and our sector are about the initiative and the opportunities it will bring in the future”
In order to power more than 7 million UK homes, the business plans to finish the GBP16 billion cable link between Morocco and the UK by the end of this decade.
A 3,800 km undersea electric line between North Africa and Britain is what Xlinks seeks to use to combine the energy produced by wind and solar energy.
The plan starts to take shape as the UK is experiencing an energy crisis, with increasing prices, issues with fuel supply chains, and continuous discussions over allowing the construction of additional nuclear power plants to meet demand.
The agreement also aligns with Morocco’s decision to invest more in clean and sustainable energy and its goals to become a global leading supplier of clean energy.