Ocean data firm Xocean says a €115 million fund raise will held it to expand across multiple offshore segments.
The funding round has been delivered by a consortium comprising S2G Ventures (S2G); Morgan Stanley’s 1GT Fund; the decarbonisation investment company Climate Investment (CI); and an affiliate of the Crown Family’s CC Industries (CCI).
It will support Xocean in accelerating the growth of its platform serving the offshore energy and civil hydrographic sectors.
“It will also help enable the company’s geographic expansion and product innovation efforts to meet the rapidly growing demand for high-quality data solutions across the blue economy,” the company says.
With its fleet of Uncrewed Surface Vessels (USVs), sectors targeted include offshore wind and carbon capture and storage (CCUS), with offshore wind ‘a key factor in this growth’, with global installed capacity projected at a massive 250 gigawatts, excluding China. (Current global generation capacity is about 75GW.)
Xocean says it has already delivered data solutions to the likes of SSE Renewables and Ørsted, collecting and processing 4.9 million gigabytes of data, and has worked in offshore wind developments totalling 48.6GW.
“Xocean is also supporting the asset integrity monitoring of existing energy infrastructure, CCUS project development, subsea electrical and data interconnections, and government agencies with their ocean data needs,” the company says.
“We believe this investment represents a distinct opportunity at the intersection of the energy and oceans sectors,” said Dr. Francis O’Sullivan, managing director for S2G. “Working with many of the world’s leading energy companies, XOCEAN has re-imagined how the geophysical data central to unlocking the blue economy’s potential can be delivered.”
