XOCEAN, a provider of ocean data to the offshore energy and civil hydrography sectors, has closed a €115M round in order to undertake more international expansion.
The round was supported by S2G, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries.
With the funding, XOCEAN will accelerate growth in the offshore energy and civil hydrography sectors. It will also help enable the company’s geographic expansion and product development.
Founded in Ireland in 2017, XOCEAN's flagship attribute is its fleet of Uncrewed Surface Vessels (USVs). These USVs combine mission endurance, advanced sensors, real-time communications, and post-processing expertise to solve clients' offshore geophysical data needs.
Demand for ocean data services is projected to grow significantly over the coming decade as the blue economy becomes a greater focus for capital deployment. The offshore wind sector is a key factor in this growth, with global installed capacity projected to reach over 250GW by 2035, a more than 500 percent expansion relative to today.
Commenting on the funding, 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 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 journey, I would like to thank our early shareholders for their support and belief in our mission.”
"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,” added Dr. Francis O’Sullivan, Managing Director for S2G. “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."
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