DRIFT secures funds for first green hydrogen producing vessel

DRIFT Energy, a British startup set to make green energy at sea using hi-tech sailing vessels, has closed its seed funding round that would enable it to build its first green hydrogen producing vessel.

Led by Octopus Ventures and with support from Blue Action Accelerator, the company has secured a total of £4.65 million (about $6.1 million), enabling it to scale and realize its ambition to start vessel production next year.

The company aims to drive the transition to clean energy worldwide by deploying a fleet of high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.

The growing demand for clean hydrogen to accelerate the decarbonization of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector. Green hydrogen, produced via electrolysis using renewable energy, has a much lower carbon footprint than ‘grey’ hydrogen, which is produced from natural gas through steam methane reforming.

This new funding is said to be a vital step in developing and building the first green hydrogen producing DRIFT ship.

“Octopus Ventures is a prolific and experienced investor in the field of Deep Tech, and we are thrilled to announce their investment in DRIFT,” Ben Medland, DRIFT Founder and CEO, commented.

“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.”

“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,” Mat Munro, Investor at Octopus Ventures, said.

“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. We are thrilled to be supporting them as they build their first vessels and bring a vision to life.”

DRIFT Energy was recently awarded funding from Innovate UK, the UK’s innovation agency, as part of its Investor Partnership Programme, designed to drive investment into high-growth, innovative UK companies working on cutting-edge technology. The grant will catalyze the research and development program and accelerate the design process of the first vessel.

In related news, Japanese shipping major Mitsui O.S.K. Lines (MOL) revealed plans last year to launch the construction of Wind Hunter, a hydrogen-producing vessel outfitted with multiple rigid sails.

The construction forms part of the company’s Wind Hunter project, which seeks new applications for hydrogen fuel and wind power.