XOCEAN receives funding to support growth in renewables industry

XOCEAN receives funding to support growth in renewables industry

XOCEAN, the ocean data company, has successfully raised €30 million in its latest Series B funding round. The oversubscribed round was led by Venturewave Capital, with co-investors including Endeavor Catalyst and Enterprise Ireland, facilitated through the impact-focused Venturebeam platform. Notably, XOCEAN earned an AA+ rating for impact from the new platform.

This funding will propel the company’s international expansion and foster further technical innovation. Included in this round, XOCEAN secured €20 million in venture-debt funding from the European Investment Bank (EIB).

XOCEAN’s mission is to provide data that supports the sustainable development of our oceans. Founded in Ireland in 2017, XOCEAN is transforming ocean data delivery using low-impact robotics to collect vast amounts of ocean data to the highest industry standards.

The global blue economy is witnessing substantial growth, driven by industries such as offshore wind. However, acquiring the data to support this growth is challenging. XOCEAN has developed a fleet of uncrewed surface vessels (USVs) that can stay offshore for extended periods, collecting significant amounts of ocean data. Operators and data analysts remain safely onshore, connected to the vessels via satellite link. This innovative and scalable approach to ocean data delivery is safer, more cost-effective and has an ultra-low environmental impact.

Carbon-neutral technology

XOCEAN has delivered data to many of the world’s largest renewable energy companies, operating in 22 jurisdictions and harvesting over four million gigabytes of high-quality data. This data has already supported the development of 43.1GW of new offshore wind capacity. XOCEAN also serves multiple other industries and government agencies with their data needs. The company’s carbon-neutral technology will prevent the emission of one million tons of carbon over the next five years, with its fleet of vessels emitting just 0.1% of the CO2 of conventional vessels.

Commenting on the funding, XOCEAN’s founder and CEO James Ives said: “Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective and ultra-low-impact way. 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 Venturewave Capital, Endeavor Catalyst and Enterprise Ireland have chosen to join us on this exciting journey. The impact-focused Venturebeam platform made the fundraising process efficient and effective, allowing us to seamlessly connect with co-investors who share our commitment to impactful, sustainable investments.”

Alan Foy, chairman of Venturewave Capital, commented: “XOCEAN is at the forefront of ocean data collection, and its innovative approach is crucial for the sustainable growth of the blue economy. We are proud to support XOCEAN in its mission to transform ocean data collection and contribute significantly to environmental sustainability.”

XOCEAN USVs contribute to the development of new offshore wind farms near New York. (Image courtesy: XOCEAN)
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