British startup DRIFT Energy has secured funding to enable the development of a sailing vessel that can harness deep ocean wind to produce green hydrogen at sea.
Led by Octopus Ventures and supported via the Blue Action Accelerator, the initiative has received up to £4.65m ($5.9m), with the aim of beginning vessel production next year (2025).
It will be the “first” green hydrogen-producing DRIFT ship, with the funds used to bolster the company’s vessel design programme, support team growth and enable the onboarding of new partners in 2025.
“Octopus Venture is a prolific and experienced investor in the field of deep tech, and we are thrilled to announce their investment in DRIFT,” explained Ben Medland, DRIFT Founder and CEO.
“Alongside the support from Blue Action Accelerator, this funding enables us to drive with momentum into the next phase of our mission.”
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.”
In 2022, DRIFT made two new hires as part of its aspirations to enter the hydrogen industry, appointing Neal Pawson as its Head of Vessel Programme and Michael Mackay as its Head of Vessel Design.
Read more:Drift Energy makes two hires as it prepares for vessel construction phase