XOCEAN Receives €115 Million Investment for Ocean Data Services Expansion

XOCEAN Secures €115 Million for Growth in Ocean Data Services

In a significant development for marine data service providers, XOCEAN has successfully raised €115 million to fuel its expansion in ocean data solutions tailored for the offshore energy and civil hydrography sectors. Founded in Ireland in 2017, the company has rapidly established itself as a leader in supplying ocean data using innovative technologies such as Uncrewed Surface Vessels (USVs).

The latest fundraising round, facilitated by S2G Ventures, includes contributions from key players such as Climate Investment, Morgan Stanley's 1GT fund, and CC Industries. This consortium aims to propel XOCEAN’s growth trajectory, enabling the company to enhance its offerings across various offshore segments, which include wind development operations and carbon capture usage and storage (CCUS).

With a growing demand for high-quality data solutions in the blue economy, particularly in the booming offshore wind sector, XOCEAN is ideally positioned to capitalize on these trends. Projections suggest that global offshore wind capacity will exceed 250GW by 2035, reflecting a staggering increase of over 500% from current levels. This demand surge, alongside the need to monitor aging offshore infrastructure, is driving the need for advanced ocean data services.

XOCEAN’s unique USVs are built to provide a low-carbon, efficient alternative to traditional manned vessels, emitting only 0.1% of the CO2 typically produced by conventional surveying methods. These vessels are equipped with advanced sensors and real-time communication capabilities, providing clients with a flexible, cost-effective, and eco-friendly solution for their geophysical data needs.

So far, XOCEAN has managed to collect and process over 4.9 million gigabytes of ocean data and has supported more than 48.6 GW of offshore wind development. The company prides itself on its commitment to gender diversity, achieving over 30 times the industry average within its workforce.

According to XOCEAN’s founder and CEO, James Ives, the company’s mission is to facilitate the sustainable development of ocean industries through safe and low-impact data services. With support from major investors, XOCEAN is reinforcing its position as a crucial player in enabling the transition toward clean renewable energy. Ives expressed excitement at the new partnership, acknowledging the support of early shareholders who believed in the company’s vision from the start.

The investment consortium brings not just capital but also valuable operational expertise across the offshore sector, enhancing XOCEAN’s capacity to innovate and expand. As the company continues to work with industry leaders—such as SSE Renewables, Ørsted, bp, and Shell—it stands to play an essential role in supporting renewable energy initiatives globally.

Dr. Francis O'Sullivan, Managing Director of S2G, highlighted the unique opportunity this investment represents at the interface of energy and marine industries, while Patrick Yip from Climate Investment praised XOCEAN’s potential to decarbonize maritime surveying operations. Each stakeholder involved in the investment recognizes the critical nature of reliable data in driving advancements in offshore development.

With the backing of these prominent investors, XOCEAN is poised to not just expand its reach but also to remain at the forefront of innovation in marine data solutions, making significant contributions toward sustainable ocean industry practices.

For further information on XOCEAN’s operations and new initiatives, you can visit XOCEAN's website.