CorPower Gets Funding for Wave Energy Scale-Up
CorPower Ocean was selected as a winner of the European Innovation Council (EIC) Accelerator program and has been awarded €2.5 million in grant and a pre-commitment of €15 million in equity investment, totaling €17.5 million, to accelerate the commercialization of its wave energy tech. This funding is part of the 2024 EIC Challenge “Renewable energy resources and their whole value chain.” The EIC Accelerator supports high-impact innovations and scaleups across Europe. In its most competitive call to date, CorPower Ocean emerged as one of 71 companies selected from
Greensea IQ Marks Record Breaking Year with 57% Revenue Increase
Marine robotics specialist Greensea IQ has closed a record-breaking year of growth in 2024, with a 57% year-over-year increase in topline revenue from 2023.The achievement was driven by the continued adoption of Greensea’s robot autonomy platform for defense applications and within the commercial sectors.Also, the widespread adoption of the company’s Bayonet Autonomous Underwater Ground Vehicles (AUGVs) and IQNS intelligent navigation systems, as well as the successful securing of key contracts with the U.S. Navy, U.S. Marine Corps, and foreign militaries, were key factors.Among the most
XOCEAN Nets $118M Investment to Expand Offshore Operations
Irish ocean data company XOCEAN has secured $118.3 million investment to support its expansion across multiple offshore segments including wind development and operations, asset integrity assurance, CCUS, and civil hydrography.XOCEAN partnered with S2G Ventures 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).The 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
Kraken Robotics Records 52% Interim Revenue Bump
Canadian marine technology company Kraken Robotics has filed financial results for the third quarter of 2024, marking a 52% increase in year-to-date revenue as the company remains on track for a record year.Consolidated revenue year-to-date increased 52% to $63.2 million, compared to $41.6 million in the comparable nine-month period ending September 30, 2023, Kraken Robotics reported.In the first nine months of 2024, Kraken Robotics’ product revenue increased 45% to $47.8 million, compared to $33.0 million for the same period a year earlier.Gross profit year-to-date increased 40% to $31.2 million
HavocAI Raises $11 Million in Seed Funding
HavocAI Inc., a Providence, R.I. based developer of autonomous uncrewed surface vessel (USV) technology, announced it has closed an $11 million Seed round of funding.The round was led by Scout Ventures, co-led by Trousdale Ventures, and saw additional participation from Outlander VC, The Veteran Fund, BV.VC, Decisive Point, Alumni Ventures, and New North Ventures.HavocAI develops low-cost USVs and software intended to allow a single operator to command and control thousands of unmanned assets for applications ranging from defense missions to commercial ventures.The company said it will use the funds
Saipem Reports 36% Rise in Second Quarter Core Profit
Italian energy contractor Saipem confirmed its 2024 guidance on Wednesday after reporting a 36% rise in adjusted core profit in the second quarter compared with the same period of last year.Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 297 million euros ($322 million) between April and June, boosted by growth at its offshore engineering & construction business.The group won new contracts worth 5 billion euros in the period, including the development of two oil fields off the coast of Angola for TotalEnergies and two offshore projects for Saudi Aramco.
Prysmian Gets $489M from EIB for European Green Transition Push
The European Investment Bank (EIB) and Italian cable maker Prysmian have signed a new $488.7 million (€450 million) finance contract to facilitate green electricity transmission and distribution in Europe.With a view to meeting the growing demand for renewable energy in general and offshore wind in particular, Prysmian will use the EIB funds to build new production lines for extra-high-voltage submarine cables, lines for high-voltage onshore cables and other technical improvements to existing lines.The EIB-financed investment will enable Prysmian to double its production capacity for extruded
Mocean Energy Raises Funds for Blue Star Wave Energy Technology
Wave energy firm Mocean Energy has raised £2.2 million in new equity alongside a £500,000 grant to drive the commercialization of its wave energy technologies.The equity funds come from existing investors, including Equity Gap, Scottish Enterprise and Old College Capital, the University of Edinburgh’s venture investment fund, alongside new shareholders Norwegian impact investors Katapult Ocean and MOL PLUS, the corporate venture capital arm of listed Japanese shipping conglomerate MOL.In addition, Mocean has secured a £499,500 Low Carbon Manufacturing Challenge Fund grant
Survey Firm Argeo Sees Q1 Revenue Jump. Order Book Nearly Fully Booked for 2023
Norway-based offshore survey firm Argeo said Thursday its order book was at record high levels, and that its revenue jumped significantly during the first quarter of 2023,"We have put a strong first quarter behind us with a 258% growth in revenues from NOK 6.9 million in Q1 2022 to NOK 24.7 million and a record high order book," says Argeo CEO, Trond Crantz.The company said the revenue growth in Q1 2023 was driven by the successful completion of deep-water project with Argeo Searcher vessel and both SeaRaptor AUVs in the North Atlantic, as well as commercial work done by the Hugin 6000 AUV
February 2025
