DRIFT Energy, an innovative technology startup utilizing advanced sailing ships to generate clean energy at sea, has announced the appointment of Peter Lacy, a global leader in sustainability and business, as its first Chairman. The company views this appointment as a pivotal step that will help it scale up to become a leading player in green hydrogen production from the ocean.
The announcement was made during the FII8 global investment conference in Riyadh, Saudi Arabia, where DRIFT is showcasing its hydrofoil vessel, a smaller demonstrator model of its green hydrogen-producing ships. Lacy’s appointment comes at an exciting time for the company.
In August, DRIFT secured £4.6 million in seed funding, led by Octopus Ventures and other prominent investors. This financial support positions the company to take advantage of the rapidly growing green hydrogen market, which Goldman Sachs projects could reach €10 trillion ($11.7 trillion) by 2050.
With Lacy at the helm, DRIFT aims to strengthen its connections with global leaders, investors, and policymakers. He is scheduled to meet potential customers this week to discuss orders for vessels expected to be deployable by 2027-2028 and to explore investment opportunities in oceanic wind and large-scale manufacturing facilities.
Lacy explained that DRIFT Energy’s unique approach leverages data to optimize vessel routing in optimal weather conditions, providing a mobile renewable energy solution that distinguishes the company in the industry.
Ben Medland, founder and CEO of DRIFT, welcomed Lacy’s appointment, emphasizing that his extensive experience in global business and sustainability will be crucial in achieving the company’s short-term objectives and long-term vision. “His leadership is timely for DRIFT Energy,” Medland stated.
As DRIFT enters this new chapter, it remains dedicated to making significant strides in the renewable energy sector, contributing to a sustainable future. The company’s presence at FII8 not only showcases its commitment to advancing renewable energy solutions but also highlights the increasing global interest in green hydrogen technology. By presenting its hydrofoil vessel at this prestigious conference, DRIFT aims to connect with industry leaders, investors, and policymakers to build strategic partnerships and explore opportunities for scaling its innovative technology.
Following successful sea trials and its recent funding round, DRIFT’s appointment of Lacy is expected to enhance its engagement with global leaders, policymakers, and investors.
Reflecting on his new role, Lacy stated, “This is an exciting moment for both the business and the global energy market. We are creating a new class of energy with proprietary technologies that can make a significant impact and potentially eliminate a gigaton of carbon by 2050. The commercial opportunities are vast, ranging from yacht owners to shipping and logistics, as well as small island nations. I’m excited to join the exceptional team at DRIFT, which has successfully attracted investment from leading firms like Octopus Ventures. The technology is already proven and can begin producing energy immediately. I look forward to establishing strategic partnerships for the world’s first fleet of net-positive ships at FII8 and working with DRIFT to elevate the business to the next level.”
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