DRIFT Energy, a pioneering British startup focused on producing green energy at sea using advanced sailing vessels, has successfully closed its seed funding round, raising a total of £4.65 million. The round was led by Octopus Ventures, one of the UK and Europe’s largest and most active venture capital investors, with additional support from Blue Action Accelerator. This substantial investment will enable DRIFT Energy to scale its operations and move closer to its goal of commencing vessel production next year.
Innovative Approach to Green Energy
DRIFT Energy is on a mission to drive the global transition to clean energy by deploying a fleet of high-performance sailing vessels designed to harness deep ocean winds for the production of green hydrogen at sea. This green hydrogen will be distributed globally, playing a crucial role in the decarbonization of heavy industry, transportation, and manufacturing sectors. Unlike ‘grey’ hydrogen, which is produced from natural gas through steam methane reforming, green hydrogen is created via electrolysis using renewable energy, resulting in a significantly lower carbon footprint.
With the growing demand for clean hydrogen to accelerate decarbonization efforts, DRIFT Energy’s innovative approach is poised to make a significant impact on the renewable energy sector. The newly secured funding marks a vital step towards the development and construction of the first DRIFT ship capable of producing green hydrogen.
Global Impact and Strategic Partnerships
DRIFT Energy is not only focused on innovation but also on sustainability and global impact. The company is actively developing renewable energy partnerships that will benefit coastal and island communities worldwide. DRIFT Founder and CEO, Ben Medland, recently attended the United Nations 4th International Conference on Small Island Developing States, where he identified substantial opportunities for the company to support the energy transition for over 65 million people living across more than 1,000 islands globally.
“Octopus Ventures is a prolific and experienced investor in the field of Deep Tech, and we are thrilled to announce their investment in DRIFT,” Medland commented. “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.”
Backing from Key Investors
The investment from Octopus Ventures highlights the firm’s confidence in DRIFT Energy’s potential to lead the development of a truly innovative source of renewable energy. Mat Munro, Investor at Octopus Ventures, expressed his excitement about DRIFT’s future, stating, “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 of Blue Action Accelerator, also emphasized the importance of DRIFT’s mission, stating “Blue Action Accelerator’s mission is to help scale groundbreaking 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.”
Boost from Innovate UK
In addition to the seed funding, DRIFT Energy has recently been awarded funding from Innovate UK, the UK’s innovation agency, as part of its Investor Partnership Programme. This grant is designed to drive investment into high-growth, innovative UK companies working on cutting-edge technology. The funding will catalyze DRIFT’s research and development programme, accelerating the design process of the first vessel, and bringing the company closer to its goal of revolutionizing green hydrogen production at sea.
About DRIFT Energy
DRIFT Energy is a forward-thinking British startup focused on the production of green hydrogen at sea using high-performance sailing vessels. By harnessing the power of deep ocean winds, DRIFT aims to contribute to the global transition to clean energy and decarbonization. The company is committed to creating renewable energy solutions that benefit coastal and island communities worldwide, with a vision of bringing ‘Oceans of Energy’ to life.
Source DRIFT Energy