Morgan Stanley Investment Management (MSIM) has announced that its 1GT private climate equity strategy participated in a €115 million fundraising round for XOCEAN, a company specializing in ocean data for the offshore energy and civil hydrography sectors. The investment consortium includes S2G Ventures, Climate Investment, and Crown Family’s CC Industries.
The consortium aims to provide capital and operational experience to help expand XOCEAN's platform. "Access to high-quality data is critical to multiple players in the offshore-focused ecosystem and we are honored to partner with the XOCEAN team," said Vikram Raju, MSIM’s Head of Climate Private Equity Investing and 1GT. He added that they look forward to supporting XOCEAN's journey towards decarbonizing maritime surveying.
Founded in Ireland in 2017, XOCEAN uses Uncrewed Surface Vessels (USVs) for offshore geophysical data delivery. These USVs offer a low-carbon solution, emitting just 0.1% of the CO2 compared to traditional manned vessels. James Ives, XOCEAN founder and CEO, stated: “Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way."
XOCEAN collaborates with major energy companies such as SSE Renewables, Ørsted, BP, and Shell. It has delivered geophysical data across over 23 jurisdictions and supported over 48.6 GWs of offshore wind development.
MSIM's 1GT strategy is part of its $240 billion alternative investments business aiming to invest in companies that will collectively avoid or remove one gigaton of CO2-equivalent emissions from the atmosphere.
Morgan Stanley Investment Management manages $1.6 trillion in assets globally as of September 30, 2024.