XOCEAN Secures €115 Million Investment for Expansion

Irish ocean data company XOCEAN has raised €115 million (approximately $119.20 million) in funding to enhance its operations and expand into global markets. The investment round was led by S2G Ventures, Climate Investment, Morgan Stanley's 1GT fund, and CC Industries, and is aimed at advancing XOCEAN's capabilities in offshore sectors like wind development, asset integrity assurance, carbon capture, and civil hydrography. Utilizing uncrewed surface vessels, XOCEAN provides cost-effective and environmentally friendly data collection services, boasting significantly lower carbon emissions than traditional crewed vessels. The funds will be used to expand XOCEAN's fleet, develop new technologies, and open new facilities, as demand for ocean data services continues to rise. Founded in 2017, XOCEAN is already collaborating with major energy companies, including BP and Shell, and operates in over 23 territories worldwide. CEO James Ives expressed excitement about the support from leading investors to help drive sustainable ocean development.