By Simon Jessop
LONDON (Reuters) – Investors including Big Oil-backed Climate Investment and Morgan Stanley’s 1GT fund have invested 115 million euros ($119.20 million) in Irish geophysical data firm XOCEAN to help it expand its operations.
The company uses uncrewed surface vehicles to help maintain offshore wind and other energy infrastructure, including checking for pipeline leaks, as well as developing carbon capture and storage projects and conducting civil hydrography.
Unlike traditional providers of such services which rely on crewed vessels that cost thousands of dollars a day even when bad weather forces them into port, the firm’s technology allows clients to remotely control them and remain on-site for longer.
The technology can also be delivered using what XOCEAN said was just 0.1% of the carbon emissions associated with manned vessels.
Other backers in the growth equity round – which will help XOCEAN expand its fleet, develop new products and technology, and open new facilities – include Chicago-based venture investor S2G Ventures and CC Industries, owned by the Crown family.
“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,” said Francis O’Sullivan, managing director at S2G, which helped structure the deal.
The funding of XOCEAN is the first through the growth equity strategy of Climate Investment, an independent investor launched by members of the Oil and Gas Climate Initiative, some of which, such as Shell and BP, are already clients of the firm.
“Several customers cited XOCEAN as their surveying ‘platform of choice’,” said Climate Investment’s managing director for growth, Patrick Yip.
Founded in Ireland in 2017, the company has more than 240 staff in offices in Ireland, Britain, the United States, Canada, Norway and Australia.
($1 = 0.9648 euros)
(Reporting by Simon Jessop; Editing by Tomasz Janowski)
