PRESS RELEASE: DRIFT plans first green hydrogen producing vessel with close of seed round
Left to right: Neal Pawson, Ben Medland and Mike Mackay of DRIFT Energy
As featured on Sky News Business on 13 August 2024! Read the article here.
DRIFT Energy aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea.
The company has secured £4.65 million in seed capital, led by Octopus Ventures with support from Blue Action Accelerator.
The funds will bolster the company’s vessel design programme, support team growth and enable the onboarding of new partners as the company plans its first keel laying in 2025.
Bath, United Kingdom, 16 August 2024: DRIFT Energy, a British startup set to make green energy at sea using hi-tech sailing vessels, has announced the close of its seed funding round. Led by Octopus Ventures, one of the largest and most active venture capital investors in the UK and Europe, and with support from Blue Action Accelerator, the company has secured a total of £4.65 million, enabling 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. 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.
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’ 4th 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 across more than 1000 islands on the planet.
“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 commented. “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, the UK’s innovation agency, as part of its Investor Partnership Programme, 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.