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XOCEAN Secures Significant Investment to Propel Growth

In a remarkable step towards enhancing its services, XOCEAN has successfully raised €115 million, aimed at bolstering its ocean data offerings within the offshore energy and civil hydrography sectors. This financing marks a significant milestone for the company, which has been making waves in the industry since its inception in Ireland in 2017.

With the new funds, XOCEAN plans to expand its geographic footprint and innovation efforts, catering to the surging demand for high-quality data solutions in the expanding blue economy. The investment round was structured with the help of S2G Ventures and includes participation from prominent firms such as Climate Investment, Morgan Stanley's 1GT fund, and CC Industries.

The necessity for accurate ocean data is expected to rise tremendously in the coming years, particularly as the focus on renewable energy environments intensifies. This growth is largely driven by remarkable developments within the offshore wind sector, which is anticipating a global installed capacity exceeding 250 GW by 2035. Other contributing factors include the need to inspect aging infrastructure, the advancement of carbon capture and storage (CCUS) initiatives, and increasing civil hydrography demands.

XOCEAN stands out in this realm by utilizing a fleet of Uncrewed Surface Vessels (USVs) that provide a low-carbon alternative to traditional surveying vessels. These vessels are designed to offer flexible, cost-effective solutions while demonstrating a commitment to environmental sustainability through reduced carbon emissions.

To date, XOCEAN has impressively processed over 4.9 million gigabytes of data and has supported the establishment of more than 48.6 GW of offshore wind capacity. Its partner list includes major players like SSE Renewables, Ørsted, bp, and Shell, which highlights the company’s trusted reputation.

In light of this recent funding, CEO James Ives expressed his excitement about the future: “Our mission is to deliver data that drives sustainable ocean development efficiently and safely. This investment will further our capability to provide innovative solutions for our clients, enabling a cleaner, more responsible approach to ocean data collection.”

The investor consortium acknowledges the significant opportunity at the junction of the energy and ocean industries. Dr. Francis O'Sullivan from S2G emphasized XOCEAN’s innovative approach to geophysical data delivery, underscoring its potential to facilitate the growth of the blue economy.

As the offshore sectors evolve, the challenges accompanying these advancements grow increasingly complex. XOCEAN’s commitment to addressing these changes through reliable and cost-effective services places it in a prime position to lead the way in the offshore data landscape. The upcoming phase of growth for XOCEAN not only reflects its potential but signifies a broader transition towards greener practices in marine surveying.

With backing from a strong consortium of investors and its unique technological advantages, XOCEAN is poised to play a critical role in shaping the future of ocean data solutions amid rising global energy demands. This investment not only showcases the faith in XOCEAN's future but also its pivotal role in contributing to a sustainable ocean economy.

For more information about XOCEAN and its services, visit www.xocean.com.