Ireland-based XOCEAN, a pioneer in ocean data solutions for the offshore energy and civil hydrography sectors, has successfully closed a €115 million funding round. The round, supported by S2G, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries, positions the company for substantial international growth and innovation.
Founded in 2017, XOCEAN specializes in Uncrewed Surface Vessels (USVs), which deliver advanced offshore geophysical data solutions. The USVs are equipped with mission endurance capabilities, cutting-edge sensors, real-time communication systems, and post-processing expertise, offering clients an efficient and environmentally friendly alternative for their data collection needs.
The funding will enable XOCEAN to accelerate its growth in the offshore energy and civil hydrography sectors, expand its geographical reach, and advance its product offerings. The offshore wind sector is a key driver of this growth, with global installed capacity expected to exceed 250GW by 2035—a 500% increase compared to current levels.
Commenting on the milestone, XOCEAN’s Founder and CEO, James Ives, said:
“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 supporting the development of clean renewable energy for many of the world’s largest energy companies. This funding will propel us into our next growth phase, and I’d like to thank our early shareholders for their belief in our mission. We’re excited to have S2G, Climate Investment, Morgan Stanley, and CCI join us on this journey.”
Dr. Francis O’Sullivan, Managing Director at S2G, shared his enthusiasm for the investment:
“We see this as a unique opportunity at the nexus of energy and ocean sectors. XOCEAN is transforming how geophysical data critical to the blue economy is delivered. We’re excited to support James Ives and the XOCEAN team as they expand their global operations and innovate their product offerings to meet the evolving needs of the industry.”
The demand for ocean data services is expected to soar over the next decade, driven by the growing blue economy and the rapid expansion of renewable energy projects like offshore wind farms. With this funding, XOCEAN is poised to continue leading the charge toward sustainable ocean development.
Discover more from FundingBlogger
Subscribe to get the latest posts sent to your email.