British start-up DRIFT Energy, set to make green energy at sea using hi-tech sailing vessels, has closed its seed funding round.
Led by venture capital investors Octopus Ventures, and with support from Blue Action Accelerator, the company has secured a total of £4.65 million, enabling it to scale and realise its ambition to start vessel production next year.
DRIFT Energy aims to deploy a fleet of high-performance sailing vessels that harness ocean wind to produce green hydrogen – produced via electrolysis using renewable energy – at sea and deliver it globally.
The company says the growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector.
The funding will enable DRIFT Energy to develop and build the first green hydrogen producing DRIFT ship.
“Octopus Ventures is a prolific and experienced investor in the field of deep tech, and we are thrilled to announce their investment in DRIFT,” said Ben Medland, DRIFT founder and CEO. “Alongside the support from Blue Action Accelerator, this funding enables us to drive with momentum into the next phase of our mission.
We can’t wait for the day its first vessel sets out on its maiden voyage.
Mat Munro, investor at Octopus Ventures
“We will work closely with Octopus and our advisory teams to bring our vision of ‘Oceans of Energy’ to life with that all-important first net positive ship.”
Mat Munro, investor at Octopus Ventures, added: “We’re incredibly excited about DRIFT and the team’s potential to lead the way in developing a truly innovative source of renewable energy.
“At Octopus Ventures, we’re backing the companies building a sustainable planet, and DRIFT’s ambitions are exactly what we’re looking for. We can’t wait for the day its first vessel sets out on its maiden voyage.”
DRIFT is creating a new class of mobile renewable energy from the world’s seas and delivering it to where it is needed – from island nation communities to power hungry ports, explained George Northcott, co-founder of Blue Action Accelerator.
DRIFT Energy has also recently been awarded funding from Innovate UK, the UK’s innovation agency, as part of its Investor Partnership Programme, designed to drive investment into high-growth, innovative UK companies working on cutting-edge technology.
