XOCEAN USVs supporting the development of new offshore wind farms off the coast of New York. | Source: XOCEAN
XOCEAN last week closed a funding round of €115 million, or around $118 million, that it plans use to support ongoing global growth. The company said this financing will also help accelerate the growth of its platform servicing the offshore energy and civil hydrography sectors.
In addition, XOCEAN said the funding will support its geographic expansion and product-innovation efforts to meet the rapidly growing demand for high-quality data across the “blue economy.”
“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.”
Founded in 2017, XOCEAN operates a fleet of uncrewed surface vessels (USVs) for offshore geophysical data delivery. From mapping the seabed to environmental monitoring, the company said it provides ocean data to some of the world’s largest companies and government agencies. XOCEAN has offices in in Ireland, the U.K., the U.S., Canada, Norway, and Australia.
USVs to provide data while cutting carbon footprint
XOCEAN said it expects demand for ocean data services to grow significantly over the coming decade. The offshore wind sector is a key factor in this growth, with global installed capacity (excluding China) projected to surpass 250GW by 2035, a more than 500% expansion from today.
Beyond wind, the inspection of aging legacy offshore infrastructure, the development of offshore carbon capture and storage (CCUS) facilities, and the expanding needs of civil hydrography are all adding to the demand.
Meeting this demand comes with new and complex challenges. XOCEAN said it understands these evolving complexities and has designed its systems to meet client needs in a reliable, cost-effective, and environmentally sensitive manner.
The company added that its USVs combine mission endurance, advanced sensors, real-time communications, and post-processing expertise to offer clients a flexible, cost-effective system to meet their offshore geophysical data needs.
With a low-carbon, remotely operated fleet emitting just 0.1% of the CO2 of incumbent manned surveying vessels, XOCEAN said it aims to avoid millions of tons of carbon emissions over the next decade. It also plans to achieve more than 30x the industry average in team gender diversity.
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XOCEAN partners with VCs, serves big customers
XOCEAN works with offshore-focused energy companies, including SSE Renewables, Ørsted, bp, and Shell, and has it delivered data to commercial and government clients in over 23 jurisdictions. To date, XOCEAN has collected and processed over 4.9 million gigabytes of data and has supported over 48.6 GWs of offshore wind development.
The company is also supporting the asset integrity monitoring of existing energy infrastructure, CCUS project development, and subsea electrical and data interconnection.
XOCEAN partnered with S2G Ventures to structure the round, which was funded by S2G, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries, collectively.
“We are delighted that S2G, Climate Investment, Morgan Stanley, and CCI have chosen to join us on this exciting journey,” Ives said. “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.”
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