Morgan Stanley Investment Management (MSIM) has announced that its 1GT private climate equity strategy participated in a €115 million fundraising effort for XOCEAN, a company specializing in ocean data for the offshore energy and civil hydrography sectors. The investment was made alongside 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, which is experiencing increased demand for geophysical data solutions across the blue economy. Vikram Raju, MSIM’s Head of Climate Private Equity Investing and 1GT, expressed enthusiasm about partnering with XOCEAN: “We believe XOCEAN’s differentiated capital-efficient solution will remain at the forefront of the industry.”

XOCEAN, founded in Ireland in 2017, utilizes Uncrewed Surface Vessels (USVs) equipped with advanced sensors and real-time communication capabilities. These vessels offer a cost-effective method for delivering offshore geophysical data while emitting only 0.1% of the CO2 compared to traditional manned surveying vessels. James Ives, founder and CEO of XOCEAN, 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.”

The company collaborates with major energy firms such as SSE Renewables, Ørsted, BP, and Shell. It has provided services across more than 23 jurisdictions and collected over 4.9 million gigabytes of data supporting offshore wind development.

MSIM's $240 billion alternative investments business includes 1GT's goal to invest in companies that collectively aim to avoid or remove one gigaton of carbon dioxide-equivalent emissions from the atmosphere.