DRIFT Energy, a pioneering British startup aiming to revolutionize the clean energy sector, has announced the successful close of its seed funding round, securing £4.65 million. The round was led by Octopus Ventures, one of the UK and Europe’s most prominent venture capital investors, with additional support from Blue Action Accelerator. This substantial investment will propel DRIFT Energy’s ambitious plan to develop and launch the world’s first green hydrogen-producing vessel by 2025.
Based in Bath, United Kingdom, DRIFT Energy is developing high-performance sailing vessels that harness the power of deep ocean winds to produce green hydrogen at sea. As the global demand for clean hydrogen continues to rise, particularly in sectors like heavy industry, transportation, and manufacturing, DRIFT’s innovative approach promises to play a crucial role in the global transition to sustainable energy.
The £4.65 million raised will be used to advance the design and development of DRIFT’s cutting-edge vessels, expand the team, and onboard new partners as the company prepares for its first keel laying next year. The company’s mission is to deploy a fleet of these vessels, which will generate green hydrogen through electrolysis using renewable energy captured from ocean winds. This green hydrogen has a significantly lower carbon footprint compared to traditional ‘grey’ hydrogen, which is derived from natural gas.
DRIFT Energy’s innovative solution is particularly well-suited to coastal and island communities, which often face challenges in accessing reliable and sustainable energy sources. Ben Medland, Founder and CEO of DRIFT Energy, highlighted the potential impact of the company’s technology during his recent participation in the United Nations’ 4th International Conference on Small Island Developing States. He noted the immense opportunity to support the energy transition for the over 65 million people living across more than 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,” said Medland. “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, expressed his enthusiasm for DRIFT’s potential: “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 shared his support for the project: “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.”
In addition to the seed funding, DRIFT Energy has been awarded funding from Innovate UK, the UK’s innovation agency, through its Investor Partnership Programme. This grant will further accelerate the research and development of DRIFT’s first vessel, enabling the company to advance its design process and move closer to achieving its goal of producing green hydrogen at sea.
With its innovative approach to harnessing the power of the oceans, DRIFT Energy is poised to make a significant impact on the renewable energy landscape, offering a sustainable solution that meets the growing global demand for green hydrogen. The company’s vision of ‘Oceans of Energy’ is set to become a reality, paving the way for a new era of clean, maritime-based energy production.
