A Bath-based start-up that utilizes advanced sailing vessels to generate clean energy at sea has secured a £4.65 million investment led by Octopus Ventures, reported Insider Media.
Following the completion of its seed funding round, DRIFT Energy is poised to scale up and aims to begin vessel production next year.
The company plans to deploy a fleet of high-performance sailing vessels that capture deep ocean wind to produce green hydrogen at sea and distribute it globally.
This investment, supported by Blue Action Accelerator, is crucial for developing and constructing the first DRIFT ship capable of producing green hydrogen.
Ben Medland, Founder and CEO of DRIFT, said: “With the backing from Blue Action Accelerator, this funding propels us into the next phase of our mission. We will collaborate closely with Octopus and our advisory teams to realize our vision of ‘Oceans of Energy’ with our first net-positive ship.”
Mat Munro, an investor at Octopus Ventures, remarked: “We’re thrilled about DRIFT and the team’s potential to pioneer a truly innovative source of renewable energy. At Octopus Ventures, we support companies that are committed to building a sustainable future, and DRIFT’s goals align perfectly with that mission.”
George Northcott, co-founder of Blue Action Accelerator, added: “Blue Action Accelerator aims to scale breakthrough technologies that protect marine environments and support coastal communities. DRIFT exemplifies this by creating a new class of mobile renewable energy from the world’s seas and delivering it where it’s needed—from island communities to energy-demanding ports.”
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