Climate Tech Company XOCEAN Raises €115M To Expand Operations

The Irish climate tech company recently raised 115 million euros during a growth equity round to help the company expand its operations.

According to the press release, Morgan Stanley’s 1GT fund, S2G Ventures, CC Industries, and Climate Investment were among the main investors.

XOCEAN develops unscrewed vessels to support energy infrastructures and collect data, with the new investment the startup expects to accelerate its growth, innovate, and reach more offshore segments.

“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.

According to its website, XOCEAN was founded in 2017 and has over 240 staff in different locations, including Ireland and the United Kingdom, Norway, Canada, the United States, and Australia.

Last year, the company raised €250,000 in a funding round that included U2 guitarist David H Evans known as The Edge.

“We believe this investment represents a distinct opportunity at the intersection of the energy and oceans sectors,” said Dr. Francis O’Sullivan, Managing Director for S2G. “Working with many of the world’s leading energy companies, XOCEAN has reimagined how the geophysical data central to unlocking the blue economy’s potential can be delivered.”

XOCEAN’s surface vessels gather geophysical data with its advanced sensors and can communicate in real-time. Its remote and low-carbon fleets produce %0.01 of the CO2 compared to traditional survey vessels.

Other tech companies trying to reduce carbon emissions have also raised funds for expansion in Europe. A few weeks ago, Glint Solar, a Norwegian startup providing advanced solar installation software, raised $8 million in a Series A round.