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XOCEAN secures €30 million funding to propel growth in renewables sector

By: Chloe Emanuel 11/06/2024 XOCEAN

Corporate Equipment General Logistics Vessels Windfarms

XOCEAN, an ocean data company, has raised €30 million in a Series B funding round led by Venturewave Capital, alongside co-investors Endeavor Catalyst and Enterprise Ireland. The round was facilitated through the Impact-focused Venturebeam platform, where XOCEAN received an AA+ rating for impact.

The funding, including €20 million in venture-debt from the European Investment Bank (EIB), will drive XOCEAN’s international expansion and technical innovation. XOCEAN, founded in 2017 in Ireland, specialises in ocean data collection using low-impact robotics, supporting the sustainable development of ocean resources.

XOCEAN’s fleet of Uncrewed Surface Vessels (USVs) collects extensive ocean data while operators remain onshore, connected via satellite. This method is safer, cost-effective, and environmentally friendly. The company has supported the development of 43.1 GW of new offshore wind capacity and aims to prevent one million tons of carbon emissions over the next five years.

James Ives, XOCEAN’s CEO, expressed excitement over the new funding: “We are delighted that Venturewave Capital, Endeavor Catalyst, and Enterprise Ireland have chosen to join us. This support will further our mission to provide sustainable ocean data solutions.”

Alan Foy, Chairman of Venturewave Capital, and Adrian Garcia-Aranyos, President of Endeavor, both highlighted XOCEAN's innovative contributions to the blue economy and environmental sustainability.

Leo Clancy, CEO of Enterprise Ireland, emphasised the company's significant potential and impact on the global stage, while XOCEAN CFO Karen May noted the funding as a strong endorsement of their team and technology.

The Venturebeam platform, which facilitated the fundraising, is designed to support high-impact ventures focused on sustainability, aligning perfectly with XOCEAN’s mission.

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XOCEAN secures €30 million funding to propel growth in renewables sector

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