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XOCEAN recently completed a significant funding round, securing €115 million (approximately $118 million), aimed at bolstering its global expansion efforts. The company plans to utilize this investment to enhance its platform services tailored for the offshore energy and civil hydrography sectors.
The funding will not only facilitate geographic expansion but also drive product innovation, responding to the increasing demand for high-quality data across the “blue economy.”
James Ives, the founder and CEO of XOCEAN, emphasized the company’s commitment to delivering data that advances the sustainable development of ocean resources. He stated, “Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way.” He noted that XOCEAN’s services are currently utilized by many of the largest energy firms globally, aiding in the advancement of renewable energy sources.
Established in 2017, XOCEAN operates a fleet of uncrewed surface vessels (USVs) dedicated to offshore geophysical data collection. The company’s services cover various areas, from seabed mapping to environmental monitoring, supplying crucial oceanographic data to numerous large corporations and government entities. XOCEAN has expanded its presence with offices in Ireland, the U.K., the U.S., Canada, Norway, and Australia.
Advancing Data Collection While Reducing Carbon Emissions
XOCEAN anticipates a significant rise in demand for ocean data services in the upcoming decade. A major contributor to this growth is the offshore wind industry, which is expected to see global installed capacity (excluding China) exceed 250 GW by 2035—representing a remarkable increase of over 500% from current figures.
In addition to offshore wind, there is also growing demand for inspecting aging offshore infrastructure, advancing offshore carbon capture and storage (CCUS) initiatives, and fulfilling the expanding requirements of civil hydrography.
XOCEAN acknowledges the challenges presented by these increasing demands and has tailored its systems to effectively address client needs in a reliable, economical, and environmentally considerate way. The company highlights that its USVs leverage prolonged mission capabilities, sophisticated sensors, real-time communications, and data processing expertise, making them adaptable and cost-efficient for offshore geophysical data acquisition.
With a fleet characterized by low carbon emissions—only 0.1% of the CO2 produced by traditional manned survey vessels—XOCEAN aims to significantly minimize carbon emissions over the next decade. Additionally, it aspires to achieve more than 30 times the industry’s standard in gender diversity within its teams.
Strategic Partnerships and Client Engagements
XOCEAN collaborates with various offshore energy companies such as SSE Renewables, Ørsted, bp, and Shell, providing data services to clients across more than 23 jurisdictions. To date, the company has collected and processed an impressive 4.9 million gigabytes of data and has been instrumental in supporting over 48.6 GW of offshore wind projects.
Furthermore, XOCEAN is engaged in the asset integrity monitoring of existing energy infrastructure, facilitating the development of CCUS projects, and enabling subsea electrical and data interconnections.
The recent funding round was made possible through a partnership with S2G Ventures, which involved contributions from S2G, Climate Investment, Morgan Stanley’s 1GT fund, and a division of the Crown Family’s CC Industries. Ives expressed gratitude to these partners, stating, “We are delighted that S2G, Climate Investment, Morgan Stanley, and CCI have chosen to join us on this exciting journey,” acknowledging the critical support from early investors as the company progresses into its next growth phase.
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