Green energy start-up secures £4.56m in funding round
Bath-based startup DRIFT Energy is set to make green energy at sea using hi-tech sailing vessels after securing £4.65m in a funding round.
The funding, led by Octopus Ventures, one of the largest and most active venture capital investors in the UK and Europe, with support from Blue Action Accelerator, will enable the company to scale and realise its ambition to start vessel production next year.
DRIFT Energy is driving the transition to clean energy worldwide by deploying a fleet of high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.
The growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector.
Green hydrogen, produced via electrolysis using renewable energy, has a much lower carbon footprint than ‘grey’ hydrogen, which is produced from natural gas through steam methane reforming. This new funding is a vital step in developing and building the first green hydrogen producing DRIFT ship.
“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 Ben Medland, DRIFT founder and CEO.
“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.
