Ireland-Based XOCEAN Secures €115 Million in Funding for Offshore Energy Growth

Ireland-based XOCEAN has secured €115 million in funding to support the growth in the offshore energy and civil hydrography sectors. The financing round was closed with support from S2G Ventures, Climate Investment (CI), Morgan Stanley’s 1GT fund, and CC Industries (CCI), a Crown Family affiliate.

XOCEAN operates a fleet of uncrewed surface vessels (USVs) that gather offshore geophysical data. The company plans to utilize the funding to enhance its product offerings and expand geographically to meet the increasing demand from the offshore wind, carbon capture and storage (CCUS), and infrastructure integrity sectors.

The funding will drive the scale-up of XOCEAN’s operations, which have already supported over 48.6 GW of offshore wind projects globally.

James Ives, XOCEAN’s Founder and CEO, stated, “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 investment comes at a time when global demand for offshore wind, carbon capture and storage (CCUS), and infrastructure inspection is on the rise. XOCEAN noted that offshore wind capacity is projected to reach over 250 GW (excluding China) by 2035, representing a more than 500% increase compared to current levels.

Francis O’Sullivan, Managing Director for S2G Ventures, commented, “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.”

XOCEAN’s USVs offer mission endurance, advanced sensors, real-time communications, and post-processing expertise. The fleet emits just 0.1% of the CO2 produced by traditional survey vessels, aiming to prevent millions of tons of emissions over the next decade.

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

Vikram Raju, Head of 1GT and Climate Private Equity Investing at Morgan Stanley, emphasized the importance of high-quality data for offshore industries. Raju added that Morgan Stanley plans to leverage its full platform to support XOCEAN in advancing low-carbon energy solutions.

In June 2024, XOCEAN and Shearwater GeoServices collaborated to provide integrated data solutions to the carbon capture and storage (CCS) and offshore wind markets.