DRIFT Secures Investment for First Green Hydrogen Production Vessel

DRIFT Energy, a UK-based startup focused on producing green energy at sea, has secured £4.65 million (approximately $6.1 million) in seed funding to build its first green hydrogen-producing vessel. The funding round was led by Octopus Ventures, with additional support from Blue Action Accelerator, marking a significant step toward realizing the company’s vision. DRIFT aims to revolutionize clean energy production by deploying a fleet of advanced sailing vessels that harness offshore wind to generate green hydrogen at sea, addressing the growing demand for sustainable energy in sectors like heavy industry, transportation, and manufacturing.

Green hydrogen, created via electrolysis using renewable energy sources, offers a much lower carbon footprint compared to traditional ‘grey’ hydrogen, which is derived from natural gas. The startup’s approach leverages deep ocean wind to produce and deliver green hydrogen globally, offering a sustainable alternative for industries seeking to decarbonize. The newly secured funding will support the development and construction of DRIFT’s first vessel, a crucial milestone in the company’s mission to lead the global transition to clean energy.

Ben Medland, Founder and CEO of DRIFT, expressed excitement over the investment from Octopus Ventures and the ongoing support from Blue Action Accelerator. “Octopus Ventures is a prolific and experienced investor in Deep Tech, and we’re thrilled to announce their backing. This funding allows us to push forward with building our first net-positive ship and bringing our vision of ‘Oceans of Energy’ closer to reality,” Medland stated.

Mat Munro, Investor at Octopus Ventures, highlighted DRIFT’s potential, saying, “We’re excited about DRIFT’s innovative approach to renewable energy. At Octopus Ventures, we seek companies that are building a sustainable planet, and DRIFT’s ambitions align perfectly with our goals. We’re eagerly anticipating the launch of their first vessel.”

Blue Action Accelerator also emphasized the alignment of DRIFT’s mission with their own objectives. “Our mission is to scale technologies that protect marine environments and support coastal communities. DRIFT exemplifies this by creating a mobile renewable energy solution that delivers power to where it’s needed most, from island communities to major ports,” they noted.

DRIFT Energy also recently received funding from Innovate UK’s Investor Partnership Programme, designed to drive investment in cutting-edge UK companies. The grant will help accelerate the research, development, and design of DRIFT’s first hydrogen-producing vessel, further advancing the company’s innovative energy solutions.

DRIFT Energy, a UK-based startup aiming to generate green energy at sea with advanced sailing vessels, has completed its seed funding round to support the construction of its first green hydrogen-producing ship.