XOCEAN secures €115 Million Investment

XOCEAN, an Ireland-based provider of USV collected ocean data to the offshore energy and civil hydrography sectors, has closed a €115 million fundraise that will help support its ongoing growth across the company’s expanding global footprint. The company partnered with S2G Ventures (“S2G”) to structure the round, which was funded by S2G, Climate Investment (“CI”), Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries (“CCI”), collectively (“the investor consortium”).

This financing will support XOCEAN in accelerating the growth of its platform servicing the offshore energy and civil hydrography sectors. It will also help enable the company’s geographic expansion and product innovation efforts to meet the rapidly growing demand for high-quality data solutions across the blue economy.

XOCEAN works with leading offshore-focused energy companies, including SSE Renewables, Ørsted, bp, and Shell, and has delivered data solutions to commercial and government clients in over 23 jurisdictions. To date, the company has collected and processed over 4.9 million gigabytes of data, and has supported over 48.6 GWs of offshore wind development.

🎤 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. 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.”

🎤 “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,” said Dr. Francis O’Sullivan, Managing Director for S2G.

🎤 “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,” commented Patrick Yip, Managing Director and Head of Growth Equity at Climate Investment.

🎤 “We are honoured to join James and the XOCEAN team in the next chapter of their journey to decarbonize maritime surveying and build a global leader in ocean data solutions. We look forward to bringing the totality of the Morgan Stanley platform to support the team in delivering low carbon energy in a low carbon way,” commented Vikram Raju, MSIM’s Head of 1GT and Climate Private Equity Investing.

📃📷 Source: XOCEA