DRIFT Energy, a British startup focused on producing green energy at sea using advanced sailing vessels, has successfully closed its seed funding round. Led by Octopus Ventures, an active venture capital investor in the UK and Europe, and supported by Blue Action Accelerator, the company secured £4.65 million ($6 million). This funding will enable DRIFT Energy to scale its operations and move towards starting vessel production next year.
Dedicated to advancing the global transition to clean energy, DRIFT Energy plans to deploy a fleet of high-performance sailing vessels that harness deep ocean wind to generate green hydrogen at sea, delivering it worldwide.
Green hydrogen, produced through electrolysis powered by renewable energy, has a significantly lower carbon footprint compared to ‘grey’ hydrogen, which is derived from natural gas using steam methane reforming. This new funding marks a crucial step toward developing and constructing the first DRIFT ship capable of producing green hydrogen.
Ben Medland, DRIFT’s Founder and CEO, recently attended the United Nations’ 4th International Conference on Small Island Developing States, where he recognised significant opportunities for the company to aid in the energy transition for the more than 65 million people living across over 1,000 islands worldwide.
“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 said, adding, “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 and DRIFT is the ultimate example of that.”
Additionally, DRIFT Energy recently received funding from Innovate UK, the UK’s innovation agency, as part of its Investor Partnership Programme. This grant, aimed at driving investment into high-growth, innovative UK companies working on cutting-edge technology, will accelerate DRIFT’s research and development program and expedite the design of its first vessel.