Connect with us

Technology

XOCEAN Secures €115 Million Investment to Accelerate Growth of Its Ocean Data Services Platform

Published

11 hours ago

on

Funding will support continued expansion across multiple offshore segments including wind development and operations, asset integrity assurance, CCUS, and civil hydrography

DUBLIN, Jan. 9, 2025 /PRNewswire/ — XOCEAN, a leading provider of ocean data to the offshore energy and civil hydrography sectors, has closed a €115 million fundraise that will help support its ongoing growth across the company’s expanding global footprint. The company partnered with S2G Ventures (“S2G”) to structure the round, which was funded by S2G, Climate Investment (“CI”), Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries (“CCI”), collectively (“the investor consortium”).

This financing will support XOCEAN in accelerating the growth of its platform servicing the offshore energy and civil hydrography sectors. It will also help enable the company’s geographic expansion and product innovation efforts to meet the rapidly growing demand for high-quality data solutions across the blue economy.

Founded in Ireland in 2017, XOCEAN has revolutionized offshore geophysical data delivery with its fleet of Uncrewed Surface Vessels (USVs). These USVs combine mission endurance, advanced sensors, real-time communications, and post-processing expertise to offer clients a flexible, cost-effective solution for the delivery of their offshore geophysical data needs. With a low-carbon, remotely operated fleet emitting just 0.1% of the CO2 of incumbent manned surveying vessels, XOCEAN aims to avoid millions of tons of carbon emissions over the next decade while achieving more than 30x the industry average in team gender diversity.

Demand for ocean data services is projected to grow significantly over the coming decade as the blue economy becomes a greater focus for capital deployment. The offshore wind sector is a key factor in this growth, with global installed capacity projected to reach over 250GW (ex. China) by 2035, a more than 500% expansion relative to today. Beyond wind, the inspection of aging legacy offshore infrastructure, the development of offshore carbon capture and storage (CCUS) facilities, and the expanding needs of civil hydrography are all fueling added demand. Meeting this demand comes with new and complex challenges. XOCEAN understands these evolving complexities and has designed its solutions to meet client needs in a reliable, cost-effective, and environmentally sensitive manner.

XOCEAN works with leading offshore-focused energy companies, including SSE Renewables, Ørsted, bp, and Shell, and has delivered data solutions to commercial and government clients in over 23 jurisdictions. To date, the company has collected and processed over 4.9 million gigabytes of data, and has supported over 48.6 GWs of offshore wind development. XOCEAN is also supporting the asset integrity monitoring of existing energy infrastructure, CCUS project development, subsea electrical and data interconnections, and government agencies with their ocean data needs.

Commenting on the funding, XOCEAN’s Founder and CEO James Ives said: “Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way. Today, we are providing this service for many of the world’s largest energy companies, supporting the development of clean renewable energy globally. We are delighted that S2G, Climate Investment, Morgan Stanley and CCI have chosen to join us on this exciting journey. Whilst we embark on the next phase of growth, I would like to thank our early shareholders for their support and belief in our mission.”

“We believe this investment represents a distinct opportunity at the intersection of the energy and oceans sectors. 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 Dr. Francis O’Sullivan, Managing Director for S2G. “We are looking forward to partnering with James Ives and the outstanding XOCEAN team as they continue to grow their business’s global operations and innovate their product offerings to meet evolving customer needs.”

The growth-focused investor consortium that was formed to support XOCEAN with this financing brings fit-for-purpose capital, diverse operational experience across the offshore value chain, and the strategic connectivity needed to enable the company to realize its ambitious growth objectives.

“XOCEAN is revolutionizing the way we develop, monitor and enable offshore-focused industries with its fleet of uncrewed surface vessels that offer safe, low-carbon, and efficient surveying capabilities,” commented Patrick Yip, Managing Director and Head of Growth Equity at Climate Investment. “The investment will accelerate the deployment of XOCEAN’s technology through Climate Investment’s unique global network of member companies, many of which are already customers, and reflects our commitment to supporting innovative technologies that deliver climate impact.” 

“We are honoured to join James and the XOCEAN team in the next chapter of their journey to decarbonize maritime surveying and build a global leader in ocean data solutions. Access to high-quality data is critical to multiple players in the offshore-focused ecosystem and we believe XOCEAN’s differentiated capital efficient solution will remain at the forefront of the industry,” commented Vikram Raju, MSIM’s Head of 1GT and Climate Private Equity Investing. “We look forward to bringing the totality of the Morgan Stanley platform to support the team in delivering low carbon energy in a low carbon way.”

About XOCEAN
Using Uncrewed Surface Vessels (USVs), XOCEAN provides ocean data to the world’s largest companies and government agencies. From mapping the seabed to environmental monitoring, XOCEAN offers a safe, ultra-low impact and economic solution to delivering ocean data. For more information visit www.xocean.com.

XOCEAN Media Contact:
Carol Fitzgerald, carol.fitzgerald@xocean.com 

About S2G Ventures
S2G is a multi-stage investment firm focused on venture and growth-stage businesses across food and agriculture, oceans and energy. The firm provides capital and value-added resources to companies and leadership teams pursuing market-based solutions designed to deliver greater value, improved outcomes, and enhanced performance over traditional alternatives. With a commitment to creating long-term, measurable outcomes, S2G structures flexible capital solutions that can range from seed and venture funding through growth equity to debt and infrastructure financing. For more information about S2G, visit s2gventures.com or connect with us on LinkedIn.

S2G Media Contact:
Ally Dunne, ally@s2gventures.com 

About Climate Investment
Climate Investment (CI) is an independently managed specialist investor focused on driving industrial decarbonization. The firm provides early-stage through growth equity capital to innovative companies and partners with large corporations, governments and non-profit organizations to scale their market adoption and impact. Operational since 2017, CI has invested in 40 climate tech companies across energy, transportation, buildings and industry that have collectively delivered 95 MT CO2e of cumulative greenhouse gas reduction in the period 2019-2023. 

Climate Investment was founded by member companies of the Oil & Gas Climate Initiative (“OGCI”). They have invested in Climate Investment funds and deployed many of its portfolio innovations, supporting their early commercial development. Visit www.climateinvestment.com 

Climate Investment Media Contact:
Kekst CNC at climateinvestment@kekstcnc.com – Guy Bates (+44 7581 056415) and Matthew Burton (+44 781 5993 063)

About CC Industries
CC Industries is a Chicago-based professional services company for the Crown family’s portfolio of investments. CCI’s affiliates invest, via late-stage venture and growth equity, in businesses focused on environmental sustainability. The family enterprise was founded in 1919 by Henry Crown and his brothers.

CCI Media Contact:
Jason Green, jgreen@crown-chicago.com

About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.6 trillion in assets under management or supervision as of September 30, 2024. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

Morgan Stanley Investment Management Media Contact:
Tom Walton, tom.walton@morganstanley.com

 

Photo – https://mma.prnewswire.com/media/2594215/XOCEAN_USV_UK.jpg
Photo – https://mma.prnewswire.com/media/2594216/XOCEAN_USVs_NY.jpg
Logo – https://mma.prnewswire.com/media/2594214/XOCEAN_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/xocean-secures-115-million-investment-to-accelerate-growth-of-its-ocean-data-services-platform-302346693.html

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

SPEYSIDE COMPLETES ACQUISITION OF GSC

Published

43 minutes ago

on

January 9, 2025

By

Transaction enables Speyside to fuel the company’s next growth phase.

ANN ARBOR, Mich., Jan. 9, 2025 /PRNewswire/ — Speyside Equity Advisers (“Speyside”) announced that it has completed the acquisition of GSC Technologies, Inc. (“GSC”). The transaction will allow Speyside’s continued investment in GSC and fuel the company’s next growth phase. GSC is a leading manufacturer of plastic goods in North America.

“We are very excited about the GSC acquisition,” said Eric Wiklendt, Managing Director at Speyside. “GSC is similar to a great deal we did in a prior fund, with similar opportunities. GSC has a great growth and value-creation plan that we look forward to facilitating.”

GSC CEO Dave Barrow noted, “My team and I look forward to working with the Speyside team to execute our strategic plan. Speyside has a strong operational background that clearly differentiates it from other investment groups. The new capitalization structure and value-creation system that Speyside brings will help us achieve our vision and drive results.”

Nick Lardo, Managing Director at Speyside, noted, “GSC is our second closed deal in Speyside Equity Fund II. We are gaining strong momentum in the fund based on increased staff, AUM, and deal activity. We see 2025 as a year full of great opportunity.”

About Speyside
Speyside is a Detroit-based private equity firm. The firm invests in middle-market, buyout transactions in the manufacturing and value-added distribution sectors. Targeted portfolio companies often possess balance sheet, legal, environmental, labor, or transactional complexity. Speyside Equity focuses on creative transaction structures and is comfortable investing in carveouts of large multinational companies, industry consolidations, family-owned businesses, bankruptcies, workouts, and other special situations. Speyside takes an operational approach to creating value in these situations. Speyside has completed 37 investments. For more information, please visit speysideequity.com.

About GSC Technologies, Inc.
Founded in 1982 with a single plastic molding machine, GSC Technologies Inc. is a leading and groundbreaking manufacturer of plastic goods in North America focused on environmentally aware plastic solutions for organizing daily life today and in the future. Based in St-Jean-sur-Richelieu (Quebec/Canada), GSC designs and manufactures attractive, practical storage and organization lifestyle products for better modern living. With manufacturing plants that use contemporary equipment and technology and distribution facilities in the US, Canada, and China, GSC uses global testing and quality standards to ensure the best value, highest quality products. For more information, please visit gsctechnology.com.

Honigman LLP acted as Speyside’s legal advisor.

View original content to download multimedia:https://www.prnewswire.com/news-releases/speyside-completes-acquisition-of-gsc-302347022.html

SOURCE Speyside Equity

Continue Reading

Technology

Batteries Plus’s Strategic Partnerships Drive Nearly 130% Sales Increase

Published

43 minutes ago

on

January 9, 2025

By

Transformative Collaborations Fuels Record-Breaking Sales Growth for Batteries Plus FranchiseePartnerships Elevate Customer Experience, Expand Service OfferingsNew Jersey Franchisee’s Store Emerges as Top Repair Destination in Network

SPRINGFIELD, N.J., Jan. 9, 2025 /PRNewswire/ — Batteries Plus, the world’s leading specialty battery franchise, has achieved remarkable success through strategic partnerships with industry leaders in device protection and insurance. These collaborations have led to significant growth for franchisees over the last two years, as exemplified by Angel Cartagena’s store in Springfield, NJ.

Enhanced Customer Experience
By combining Batteries Plus’s extensive retail network and repair expertise with advanced mobile device protection programs from industry partners, Batteries Plus stores are equipped to handle subscribers’ phone protection needs, covering lost or damaged devices. This comprehensive approach has paved the way for improved customer satisfaction, ultimately increasing revenue for franchisees and strengthening brand loyalty overall.

“We’re not just fixing phones; we’re creating opportunities for customers to discover additional products and services they didn’t know they needed, from car batteries to key fobs,” Cartagena said. “This has contributed to increased ticket counts and higher margins across our business.”

Growth and Expansion
After serving with the U.S. Air Force for 37 years, Cartagena began franchising with Batteries Plus in 2008. In the 18 years since, his store has grown to become the top-performing location for repairs in the entire Batteries Plus network, with repair volumes nearly 50% higher than other stores.

Since implementing these strategic partnerships, Cartagena’s Batteries Plus location has experienced unprecedented growth:

217.7% increase in device repair sales year-over-year128.6% increase in total business sales year-over-year147.8% increase in average ticket value year-over-year10.6% increase in gross profit year-over-year

The success of these partnerships has led to significant expansion for Cartagena’s store, necessitating the hiring of three additional team members to help manage the increased volume.

“These strategic partnerships have been transformative for our business,” said Cartagena. “We’ve seen a dramatic increase in customer traffic and sales, particularly in our device repair services. These collaborations have not only boosted our bottom line but also enhanced our ability to serve our community with top-notch repair solutions. It’s been great for business, allowing us to expand our team and offer more comprehensive services to our customers.”

Batteries Plus has become a global leader in supplying the battery needs of its customers for cars, boats, phones, key fobs and more. With over 800 store locations in operation and development nationwide, Batteries Plus has also carved out a unique niche in the industry with its ‘plus’ services – including cell phone repair and key fob replacement. Positioned for the battery-powered future, Batteries Plus was ranked on Franchise Times Top 400 list, coming in at #130. Plus, for the 30th year in a row, the brand ranked on Entrepreneur Magazine’s Franchise 500 list, climbing 53 spots over last year’s rank and even becoming one of only 49 franchise brands to be inducted into Entrepreneur’s Franchise 500 Hall of Fame.

To learn more about Batteries Plus, visit batteriesplusfranchise.com.

ABOUT BATTERIES PLUS: Batteries Plus, founded in 1988 and headquartered in Hartland, WI, is a leading omnichannel retailer of batteries, specialty light bulbs and phone repair services for the direct-to-consumer and commercial channels. The retailer also offers key programming, replacement and cutting services. Through a nationwide network of stores, the company offers a differentiated value proposition of unrivaled product selection, in-stock availability and customer service. Batteries Plus is owned by Freeman Spogli, a private equity firm based in Los Angeles and New York City. To learn more about one of Forbes®’ Best Franchises to Buy in America, visit https://www.batteriesplusfranchise.com.  

MEDIA CONTACT: Cole Koretos, Fishman Public Relations, ckoretos@fishmanpr.com or 847-331-1190

View original content to download multimedia:https://www.prnewswire.com/news-releases/batteries-pluss-strategic-partnerships-drive-nearly-130-sales-increase-302347179.html

SOURCE Batteries Plus

Continue Reading

Technology

MobileX Partners with Ethika to Launch ‘ethikaX,’ Merging Style with Mobile Connectivity

Published

43 minutes ago

on

January 9, 2025

By

 LAS VEGAS, Jan. 9, 2025 /PRNewswire/ — Today at CES, MobileX, the most customizable wireless service designed to save consumers money, and Ethika, a leading lifestyle brand driven by personal identity, announced an exciting new collaboration. Together, the two companies will be launching “ethikaX” – a collection that seamlessly merges mobile-friendly design with bold self-expression and dynamic style. This partnership represents a groundbreaking moment where mobile meets fashion, blending cutting-edge technology with style and originality.

The ethikaX line will debut in Q1 2025, featuring a range of apparel and accessories tailored for the modern, mobile lifestyle. The initial collection will include hoodies and t-shirts with phone-friendly pockets, phone cases, and even a limited-edition set of ethikaX-branded headphones.

“At MobileX, we’re passionate about empowering our customers to live untethered, connected lives,” said Peter Adderton, CEO of MobileX. “By partnering with Ethika, we’re able to bring that vision to life through thoughtfully designed apparel that embraces uniqueness and creativity while seamlessly integrating with our mobile services.”

Ethika’s commitment to celebrating individuality and self-expression across diverse cultures including motorsports, BMX, music, art and fashion aligns perfectly with MobileX’s mission to empower consumers through customizable, user-focused mobile service that ensures they only pay for what they use. The ethikaX collection will be available for purchase through the MobileX app and website, as well as select Ethika retail partners. Customers can also sign up for MobileX at these retail locations by purchasing a SIM Kit or scanning a QR code and activating with eSIM.

“We’re thrilled to be working with the innovative team at MobileX to redefine the intersection of mobile and fashion,” said Matt Cook, CEO of Ethika. “This collaboration allows us to extend the Ethika brand into new territories while continuing to celebrate those who stand out from the crowd and share our core values of quality, style and originality.”

Stay tuned for updates on ethikaX’s launch in Q1 2025 here.

 About MobileX
Headquartered in Orange County, California, MobileX is the world’s most customizable mobile carrier delivering the ultimate in choice and cost control. MobileX is a unique service that uses artificial intelligence to predict how much data customers need, dramatically reducing costs while ensuring reliable speed and service. MobileX was founded by Peter Adderton, who also founded both Boost Mobile and Digital Turbine. For more information, please visit mymobilex.com.

 About Ethika
Ethika is a leading lifestyle brand which started in San Clemente, CA and is now based in Lake Forest. Since the inception of the brand, Ethika and its team have been determined to live life, innovate, and deliver quality products, while staying true to the brand’s biggest asset – the FAMILIE. Ethika employees, friends, athletes, artists and customers are the core of the brand and the reason Ethika exists. More Ethika news, photos, and videos can be found on X (@ethika), Instagram (@ethika), and online at www.ethika.com.

Press contact:
Illume PR for MobileX
mobilex@illumepr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/mobilex-partners-with-ethika-to-launch-ethikax-merging-style-with-mobile-connectivity-302346661.html

SOURCE Mobile X Global, Inc.

Continue Reading

Trending