XOCEAN has secured €115 million in funding to accelerate its expansion in the offshore energy and civil hydrography sectors.
The company partnered with S2G Ventures to structure the funding round, which included contributions from Climate Investment, Morgan Stanley’s 1GT fund, and CC Industries.
Low-impact solutions
“Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way,” commented XOCEAN founder and CEO James Ives. “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.”
Founded in Ireland in 2017, XOCEAN has pioneered the use of low-emission Uncrewed Surface Vessels (USVs) for offshore geophysical data delivery. These vessels emit just 0.1% of the CO2 produced by conventional manned survey ships, and are a ‘flexible, cost-effective solution for the delivery of offshore geophysical data needs’, the company said.
To date, XOCEAN, which counts SSE Renewables, Ørsted, BP, and Shell among its clients, has collected and processed over 4.9 million gigabytes of ocean data and supported more than 48.6 GW of offshore wind development across 23 jurisdictions.
Offshore wind development
The new funding will enable XOCEAN to expand its operations globally, in tandem with global demand for offshore wind development, a market that is projected to grow by more than 500% (excluding China) by 2035.
XOCEAN’s services also address the increasing need for infrastructure inspection and the establishment of carbon capture and storage facilities.
“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,” added Patrick Yip, managing director and head of growth equity at Climate Investment. Read more here.
