( offshore-energy.biz) Ireland-based XOCEAN has secured €115 million in funding to support the growth in the offshore energy and civil hydrography sectors.
The Irish ocean data company closed the financing round with support from S2G Ventures, Climate Investment (CI), Morgan Stanley’s 1GT fund, and CC Industries (CCI), a Crown Family affiliate.
XOCEAN operates a fleet of uncrewed surface vessels (USVs) that gather offshore geophysical data. The company plans to use the funding to enhance its product offerings and expand geographically to meet the increasing demand from the offshore wind, CCUS, and infrastructure integrity sectors.
The funding will drive the scale-up of XOCEAN’s operations, which have already supported over 48.6 GW of offshore wind projects globally.
“Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way,” said James Ives, XOCEAN’s Founder and CEO.
“Today, we are providing this service for many of the world’s largest energy companies, supporting the development of clean renewable energy globally. We are delighted that S2G, Climate Investment, Morgan Stanley and CCI have chosen to join us on this exciting journey. Whilst we embark on the next phase of growth, I would like to thank our early shareholders for their support and belief in our mission.”
The funding comes as global demand for offshore wind, carbon capture and storage (CCUS), and infrastructure inspection continues to rise. Offshore wind capacity is projected to reach over 250 GW (excluding China) by 2035, representing a more than 500% increase compared to current levels, XOCEAN noted.
Read full article: https://www.offshore-energy.biz/xocean-closes-e115-million-financing-to-support-ongoing-growth/
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