Louth-based XOcean has raised €115 million in funding that will support the growth of its platform and fund expansion in global markets.
The company, which provides data collection solutions such as environmental monitoring and seabed surveys, said it plans to expand in multiple offshore sectors, including wind development and operations, asset integrity assurance, offshore carbon capture and storage and civil hydrography.
Founded in 2017 by former OpenHydro chief executive James Ives, Xocean has developed a fleet of uncrewed surface vessels that can remain offshore for extended periods, collecting large volumes of ocean data. The vessels combine advanced sensors, real-time communications and post-processing expertise, are low carbon and remotely operated.
“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 Mr Ives.
The round was backed by S2G, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries, forming a growth-focused investor consortium.
“We believe this investment represents a distinct opportunity at the intersection of the energy and oceans sectors,” said Dr Francis O’Sullivan, managing director for S2G. “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.”
XOcean works with offshore-focused energy companies such as SSE Renewables, Ørsted, BP and Shell, in addition to providing data solutions to commercial and government clients in more than 23 territories. It is tapping in to a growing demand for ocean data services, as the blue economy becomes a more attractive option for investment. This is partly driven by the offshore wind sector, which is expected to grow 500 per cent to more than 250GW (excluding China) by 2035.
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