Drift Energy, a UK startup set to make green energy at sea using sailing vessels, has obtained project funding, led by capital investor Octopus Ventures, with support from Blue Action Accelerator.
The company has secured a total of £4.65m, enabling it to scale and realise its ambition to start vessel production in 2025. Drift Energy is committed to driving the transition to clean energy by deploying a fleet of high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.
Growing demand for clean hydrogen to accelerate the decarbonisation of hard-to-abate industries is said to be sparking innovation in the energy sector. Green hydrogen, produced via electrolysis using renewable energy, has a much lower carbon footprint than ‘grey’ hydrogen, which is produced from natural gas through steam methane reforming. This funding is a vital step in developing and building the first green hydrogen producing Drift ship.
With a focus on innovation and sustainability, Drift is developing renewable energy partnerships that it expects to benefit coastal and island communities around the world, and the company sees a huge opportunity in supporting the energy transition for the planet’s numerous small island states.
Ben Medland, Drift Founder and CEO said: “Octopus Ventures is a prolific and experienced investor in the field of Deep Tech, and we are thrilled to announce their investment in DRIFT. Alongside the support from Blue Action Accelerator, this funding enables us to drive with momentum into the next phase of our mission. 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, Octopus Ventures Investor, said: “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.”
George Northcott, Co-Founder, Blue Action Accelerator added: “Blue Action Accelerator’s mission is to help scale ground-breaking technologies that preserve marine environments and support coastal-dependent communities. Drift is the ultimate example of that – 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. We are thrilled to be supporting them as they build their first vessels and bring a vision to life.”
Drift Energy has additionally been awarded funding from Innovate UK, the UK’s innovation agency, through its Investor Partnership Programme, which is designed to drive investment into high-growth, innovative UK companies working on cutting-edge technology. The grant will catalyse the research and development programme and accelerate the design process of the first vessel.
Image: Drift Energy’s fleet of net positive ships (credit: Drift Energy)
