DRIFT Energy, a British startup that aims to generate green energy at sea using state-of-the-art sailing vessels, has completed its seed funding round to enable it to build its first green hydrogen production vessel.
Led by Octopus Ventures and backed by Blue Action Accelerator, the company has raised a total of £4.65 million (approximately US$6.1 million), enabling it to expand and achieve its goal of starting ship production next year.
The company aims to accelerate the transition to clean energy worldwide by deploying a fleet of powerful sailing vessels that harness deep-sea wind to produce green hydrogen at sea and deliver it worldwide.
Rising demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transport and manufacturing is spurring innovation in this sector. Green hydrogen, produced by electrolysis using renewable energy, has a much lower carbon footprint than ‘grey’ hydrogen, produced by steam reforming methane from natural gas.
This new funding is considered a crucial step in the development and construction of the first DRIFT vessel for the production of green hydrogen.
“Octopus Ventures is a prolific and experienced investor in deep tech and we are pleased to announce their investment in DRIFT,” Ben MedlandFounder and CEO of DRIFT, commented.
“Together with the support of Blue Action Accelerator, this funding enables us to move 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 this all-important first net-plus vessel.”
“We are 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 support the companies building a sustainable planet and DRIFT’s ambitions are exactly what we are looking for. We can’t wait for the day when the first ship sets off on its maiden voyage,” Matt MunroInvestor at Octopus Ventures, said.
“Blue Action Accelerator’s mission is to develop breakthrough technologies that protect the marine environment and support coastal communities. DRIFT is the ultimate example of this – generating a new class of mobile renewable energy from the world’s oceans and delivering it to where it is needed – from island communities to power-hungry ports. We are excited to support them as they build their first vessels and turn a vision into a reality.”
DRIFT Energy recently received funding from Innovate UK, the UK’s innovation agency, as part of the Investor Partnership Programme. The programme aims to drive investment in high-growth, innovative UK companies working on cutting-edge technologies. The funding will drive the research and development programme and accelerate the design process of the first vessel.
In related news, Japanese shipping giant Mitsui OSK Lines (MOL) announced plans last year to begin construction of the Wind Hunter, a hydrogen-producing vessel equipped with multiple rigid sails.
The construction is part of the company’s Wind Hunter project, which is looking for new applications for hydrogen fuel and wind energy.
