VIDEO: DRIFT Energy gets a $6 million boost for its plan to use sailing ships to produce green hydrogen

Image: SHIFT Energy

Plans to produce green fuels using offshore wind are not new. However, Bath, U.K.-based startup DRIFT Energy believes that can be achieved without first having to build a wind farm. Instead, It has plans to produce green hydrogen at sea using hi-tech sailing vessels and it has now raised a total of £4.65 million (about $6 million) in a seed funding round led by Octopus Ventures, with support from Blue Action Accelerator. The company says the funding will enabling it to scale and realize its ambition to start production of its wind powered energy ships next year.

These high-performance sailing vessels would harness deep ocean wind to produce green hydrogen at sea and would also deliver it globally

You can see more on the technology that DRIFT plans to use in the video.

DRIFT founder and CEO Ben Medland 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,” Medland said. “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.”

DRIFT Energy has also recently been awarded funding from Innovate UK, the U.K.’s innovation agency, through its Investor Partnership Program which is designed to drive investment into high-growth, innovative U.K. companies working on cutting-edge technology. The grant, says DRIFT, will catalyze the research and development program and accelerate the design process of the first vessel.