XOCEAN Secures €115M Investment Led by Morgan Stanley's 1GT
Deal News | Jan 09, 2025 | Morgan Stanley (MSCP)
Morgan Stanley Investment Management (MSIM) has announced the participation of its 1GT private equity strategy in a €115 million fundraising round for XOCEAN. This investment will help accelerate XOCEAN’s growth and enhance its ocean data services platform. The round also included participation from other investors such as S2G Ventures, Climate Investment, and CC Industries. XOCEAN, founded in 2017 in Ireland, specializes in the delivery of ocean data using Uncrewed Surface Vessels (USVs), which offer cost-effective and low-carbon solutions for offshore geophysical data collection. The company partners with major energy firms like SSE Renewables, BP, and Shell, aiming to reduce carbon emissions while supporting the development of clean energy projects. The joint investment by the consortium is designed to provide capital, operational experience, and strategic links to support XOCEAN's expansion and service enhancement. The 1GT strategy by MSIM plans to support companies that aim to significantly reduce global carbon emissions, aligning with Morgan Stanley's broader goal of achieving substantial carbon footprint reduction through their investment choices.
Sectors
- Investment Management
- Renewable Energy
- Maritime Technology
Geography
- Ireland – XOCEAN is an Irish company and plays a central role in the article.
- United States – Morgan Stanley, a key investor, is based in the U.S. and the transaction mentions New York.
Industry
- Investment Management – This sector is relevant as Morgan Stanley Investment Management is taking part in the fundraising round.
- Renewable Energy – XOCEAN provides services that contribute to the development of clean renewable energy projects, and the funding supports the continuation and expansion of this focus.
- Maritime Technology – XOCEAN is at the forefront of innovations in ocean data services through the use of Uncrewed Surface Vessels, representing advancements in maritime technology.
Financials
- €115 million – The total investment raised by XOCEAN to accelerate its ocean data services platform.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| XOCEAN | Target Company | Company | A leading provider of ocean data services using Uncrewed Surface Vessels, based in Ireland. |
| Morgan Stanley Investment Management (1GT) | Investor | Company | Part of Morgan Stanley, 1GT is a private climate equity strategy focused on investments that avoid or remove carbon emissions. |
| S2G Ventures | Investor | Company | A venture capital fund investing in companies at the intersection of food, agriculture, oceans, and climate. |
| Climate Investment | Investor | Company | An investment fund focused on financing sustainable climate solutions. |
| CC Industries | Investor | Company | Part of the Crown Family, investing across diverse industries including climate-focused initiatives. |
| James Ives | CEO and Founder | Person | CEO and founder of XOCEAN, leading the company’s mission to provide sustainable ocean data solutions. |