Ireland-based XOCEAN, a provider of ocean data for the offshore energy and civil hydrography sectors, has secured €115M in funding to support its global expansion.
The funding round was structured in partnership with S2G Ventures and included contributions from S2G, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of CC Industries.
Dr. Francis O’Sullivan, Managing Director for S2G, says, “We believe this investment represents a distinct opportunity at the intersection of the energy and oceans sectors. Working with many of the world’s leading energy companies, XOCEAN has reimagined how the geophysical data central to unlocking the blue economy’s potential can be delivered.”
“We are looking forward to partnering with James Ives and the outstanding XOCEAN team as they continue to grow their business’s global operations and innovate their product offerings to meet evolving customer needs.”
Ocean data specialists
Founded in 2017, XOCEAN has developed a fleet of Uncrewed Surface Vessels (USVs) to provide offshore geophysical data solutions. These USVs integrate advanced sensors, real-time communications, and post-processing capabilities to offer a flexible and cost-effective alternative to traditional methods.
With a low-carbon fleet that emits only 0.1 per cent of the CO2 of manned vessels, XOCEAN aims to reduce carbon emissions over the next decade and is also focused on achieving 30x gender diversity within its team.
XOCEAN collaborates with major offshore energy companies like SSE Renewables, Ørsted, bp, and Shell, providing data solutions across 23 jurisdictions. The company has processed over 4.9 million gigabytes of data and supported more than 48.6 GWs of offshore wind development.
XOCEAN also assists with asset integrity monitoring, CCUS projects, subsea interconnections, and ocean data needs for government agencies.
James Ives, founder and CEO of XOCEAN, says, “Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way. Today, we are providing this service for many of the world’s largest energy companies, supporting the development of clean renewable energy globally.”
“We are delighted that S2G, Climate Investment, Morgan Stanley and CCI have chosen to join us on this exciting journey. Whilst we embark on the next phase of growth, I would like to thank our early shareholders for their support and belief in our mission.”
Capital utilisation
The funding will help XOCEAN accelerate the growth of its platform serving the offshore energy and civil hydrography sectors.
It will also support the company’s geographic expansion and product innovation to address the increasing demand for high-quality data solutions in the blue economy.
Patrick Yip, Managing Director and Head of Growth Equity at Climate Investment, says, “XOCEAN is revolutionising the way we develop, monitor and enable offshore-focused industries with its fleet of uncrewed surface vessels that offer safe, low-carbon, and efficient surveying capabilities.”
“The investment will accelerate the deployment of XOCEAN’s technology through Climate Investment’s unique global network of member companies, many of which are already customers, and reflects our commitment to supporting innovative technologies that deliver climate impact.”
The investor consortium brings capital, diverse operational experience across the offshore value chain, and strategic connectivity to help XOCEAN achieve its growth objectives.
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