Xocean, the Dublin-based pioneer in uncrewed surface vessel technology, has secured €115 million ($118.42 million) in a landmark funding round, setting the stage for a transformative leap in the delivery of ocean data services.
The investment, led by S2G Ventures and joined by Climate Investment, Morgan Stanley’s 1GT fund, and CC Industries, will bolster XOCEAN’s global operations and drive innovation across critical offshore sectors.
This includes offshore wind development, carbon capture and storage, and civil hydrography. The funding emphasizes growing investor confidence in the “blue economy” and the essential role of sustainable technologies in shaping its future.
“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, founder and CEO of Xocean, in a statement. “This investment enables us to scale our operations and further support the global transition to clean energy.”
Revolutionizing Offshore Operations
Founded in 2017, Xocean has redefined offshore surveying with its fleet of USVs, which emit just 0.1 percent of carbon dioxide compared to traditional manned vessels.
These remotely operated, low-carbon vessels have cutting-edge sensors and real-time communications capabilities, offering clients unparalleled efficiency and environmental benefits.
To date, Xocean has gathered over 4.9 million gigabytes of data, supporting 48.6 GW of offshore wind development and working with industry giants like SSE Renewables, Ørsted, BP, and Shell.
With operations spanning 23 jurisdictions, the company’s technology is integral to projects ranging from subsea infrastructure monitoring to environmental assessments.
Capitalizing on the Blue Economy Boom
Demand for ocean data services is poised for exponential growth, driven by the rapid expansion of offshore wind, the need to monitor aging infrastructure, and the development of CCUS facilities. Offshore wind capacity alone is projected to grow over 500 percent to more than 250 GW by 2035.
“We are on the cusp of a blue economy revolution, and XOCEAN’s innovative approach positions it as a leader in this vital transformation,” said Dr. Francis O’Sullivan, managing director at S2G Ventures. “This investment reflects our confidence in their ability to meet the evolving needs of global energy and hydrography sectors.”
Driving Sustainability and Diversity
Beyond its technological innovations, Xocean’s commitment to sustainability is matched by its social impact. The company boasts a team over 30 times the industry average in gender diversity, highlighting its role as a leader in equitable growth.
“Xocean is revolutionizing maritime surveying with its low-carbon, efficient solutions,” said Patrick Yip, managing director at Climate Investment. “This funding will accelerate the deployment of their technology to address critical climate challenges.”
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