Irish Ocean Data Company XOCEAN Secures $118.3 Million Investment for Expansion

Irish ocean data company XOCEAN has recently announced a significant milestone in its journey towards expanding its operations in various offshore sectors. The company has successfully secured a $118.3 million investment to support its growth in segments such as wind development and operations, asset integrity assurance, CCUS, and civil hydrography.

XOCEAN collaborated with S2G Ventures to structure the funding round, which saw contributions from S2G, Climate Investment (CI), Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries (CCI).

This substantial financial backing will play a crucial role in accelerating XOCEAN’s platform servicing the offshore energy and civil hydrography industries. It will also facilitate the company’s expansion into new geographic regions and drive innovation in product development to meet the increasing demand for high-quality data solutions within the blue economy.

Established in Ireland in 2017, XOCEAN has made significant strides in the offshore geophysical data delivery space through its fleet of Uncrewed Surface Vessels (USVs). These USVs are equipped with advanced sensors, real-time communication capabilities, and post-processing expertise, offering clients a flexible and cost-effective solution for their offshore geophysical data requirements.

James Ives, the Founder and CEO of XOCEAN, emphasized the company’s commitment to delivering data that supports the sustainable development of oceans in a safe, cost-effective, and environmentally friendly manner. He highlighted XOCEAN’s role in assisting some of the world’s leading energy companies in advancing clean renewable energy initiatives globally.

“We are thrilled to have S2G, Climate Investment, Morgan Stanley, and CCI as partners on this exciting journey,” stated James Ives.

With this substantial investment and strategic partnerships in place, XOCEAN is well-positioned to further its mission of providing innovative data solutions that drive progress in the blue economy while upholding environmental sustainability.