January 9, 2025
XOCEAN USVs supporting the development of new offshore wind farms in New York (Credit: XOCEAN)
Irish ocean data company XOCEAN has secured $118.3 million investment to support its expansion across multiple offshore segments including wind development and operations, asset integrity assurance, CCUS, and civil hydrography.
XOCEAN partnered with S2G Ventures 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).
The 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.
Founded in Ireland in 2017, XOCEAN has been operating in offshore geophysical data delivery space with its fleet of Uncrewed Surface Vessels (USVs).
These USVs combine mission endurance, advanced sensors, real-time communications, and post-processing expertise to offer clients a flexible, cost-effective solution for the delivery of their offshore geophysical data needs.
"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,” said James Ives, XOCEAN's Founder and CEO.
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