XOCEAN funding news – Ireland-based XOCEAN has Raised €115Million in Funding

The funding round was led by S2G Ventures, with support from 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.”

It works with big offshore energy companies like SSE Renewables, Ørsted, bp, and Shell, providing data solutions in 23 regions. The company has processed over 4.9 million gigabytes of data and helped with more than 48.6 GWs of offshore wind projects.

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It also helps monitor asset safety, support carbon capture projects, manage underwater connections, and provide ocean data 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.”

The funding will help XOCEAN grow its platform for the offshore energy and civil hydrography sectors.

It will also support the company’s expansion into new areas and the development of new products to meet the growing need for high-quality data 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 group of investors provides funding, valuable experience in offshore operations, and strategic connections to help XOCEAN grow.

About XOCEAN

Founded in 2017, XOCEAN has created a fleet of Uncrewed Surface Vessels (USVs) to gather offshore data. These vessels use advanced sensors, real-time communication, and data processing to offer a flexible and affordable option compared to traditional methods.