DRIFT Energy plans first green hydrogen producing vessel build
DRIFT Energy, a British startup set to make green energy at sea using hi-tech sailing vessels, has successfully completed its seed funding round. The round was spearheaded by Octopus Ventures, a prominent venture capital firm in the UK and Europe, with additional backing from Blue Action Accelerator. This round secured £4.65 million, a critical investment that will enable DRIFT Energy to scale its operations and initiate vessel production in the coming year.
The company is at the forefront of the clean energy transition, focusing on deploying a fleet of sailing vessels designed to harness wind energy in deep ocean waters. These vessels will produce green hydrogen, a key component in the global push to decarbonise heavy industries, transportation, and manufacturing. Unlike traditional 'grey' hydrogen, which is derived from natural gas, green hydrogen is produced through electrolysis using renewable energy, resulting in a significantly lower carbon footprint. This recent funding marks a crucial milestone in the development of DRIFT's first green hydrogen-producing ship.
DRIFT Energy is also committed to forging renewable energy partnerships, particularly with coastal and island communities worldwide. The company's founder and CEO, Ben Medland, recently attended the United Nations’ 4th International Conference on Small Island Developing States, where he identified substantial opportunities to aid in the energy transition for over 65 million people living across more than 1,000 islands globally. Through these efforts, DRIFT aims to play a significant role in supporting sustainable energy solutions for these communities.
“Octopus Ventures is a prolific and experienced investor in the field of Deep Tech, and we are thrilled to announce their investment in DRIFT,” he 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.”
Mat Munro, Investor at Octopus Ventures, 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 of Blue Action Accelerator added: “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.”
DRIFT Energy has also recently 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.
