DRIFT Energy has announced the close of its seed funding round led by Octopus Ventures, and with support from Blue Action Accelerator, the company has secured a total of £4.65 million seed investment.

The climate tech startup joined our incubation programme in January 2023 with the goal to make green energy at sea using hi-tech sailing vessels. The funding will enable it to scale and realise its ambition to start vessel production next year.

DRIFT Energy is committed to 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.

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 funding is a vital step in developing and building the first green hydrogen-producing DRIFT ship.

With a focus on innovation and sustainability, DRIFT is developing renewable energy partnerships that will benefit coastal and island communities around the world. Ben Medland, DRIFT Founder and CEO, recently attended the United Nations’ 4^th International Conference on Small Island Developing States, where he saw huge opportunity for the company to support the energy transition for the 65+ million people that live on over 1000 islands on the planet.

Ben said: “Octopus Ventures is a prolific and experienced investor in the field of deep tech, and we are thrilled to announce their investment in DRIFT. 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.”

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.

Learn more about DRIFT Energy.

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