BUSINESS

North Louth company XOCEAN secures €7.9 million funding for international expansion

Tia Clarke

Reporter:

Tia Clarke

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tia.clarke@dundalkdemocrat.ie

North Louth company XOCEAN secures €7.9 million funding for international expansion

Greenore-based Ocean data company, XOCEAN, has announced the successful completion of a €7.9 million funding round. The purpose of this funding is to support the company’s international scaling plans and was fully subscribed by existing shareholders. 

XOCEAN is transforming the way ocean data is collected using marine robotics known as Unmanned Surface Vessels (USVs). The company has recently delivered projects for clients including BP, Equinor, PX Group and the UK’s Maritime and Coastguard Agency (MCA).

The services provided by XOCEAN include mapping the seabed, inspecting subsea structures and monitoring the environment. XOCEAN’s Chief Financial Officer Karen May said: “It is a really exciting time for the business as we scale. This new investment allows us to accelerate our growth with expansion into new markets internationally.” 

Currently, XOCEAN has USV’s in operation in the UK, Azerbaijan, Trinidad and Canada with plans to build an additional 22 USVs over the next 12 months and recruit an additional 140 employees to service the market demand. 

Commenting on the funding, James Ives, CEO, XOCEAN said “We are experiencing very strong market demand for our services and this funding will support our ambitious scaling plans.

XOCEAN’s USVs offer significant benefits as a means of collecting valuable ocean data – these include safety with operators remaining onshore, efficiency with 24/7 operations and environmental with ultra-low emissions which together lead to significant economic savings for our customers.”