A UK start-up harnessing the power of the sea to generate clean energy has secured significant investment from Octopus Ventures.
Sky News understands that DRIFT Energy will announce this week that it has received close to £5 million in new funding from Octopus Ventures and Blue Action Accelerator. This investment will enable DRIFT Energy to begin production of its innovative vessels next year.
DRIFT Energy is developing a fleet of high-performance sailing vessels designed to utilise deep ocean wind to produce green hydrogen at sea. This green hydrogen can then be distributed globally, contributing to the decarbonisation of heavy industries, transportation, and manufacturing.
The company is targeting coastal and island communities, home to over 65 million people worldwide, with its renewable energy solutions. By providing clean energy options, DRIFT Energy aims to improve the sustainability and energy independence of these communities.
Beyond this latest investment, DRIFT has also secured funding from Innovate UK, the UK government's innovation agency, through its Investor Partnership Programme. This grant will support the company's research and development efforts, accelerating the design process for its first vessel.
Ben Medland, founder and CEO of DRIFT Energy, expressed his enthusiasm for the recent investment. "Alongside the support from Blue Action Accelerator, this funding [from Octopus Ventures] enables us to drive with momentum into the next phase of our mission," he said.
Mat Munro, an investor at Octopus Ventures, echoed Medland's optimism. "We're incredibly excited about DRIFT and the team's potential to lead the way in developing a truly innovative source of renewable energy," he commented.
DRIFT Energy's commitment to developing clean energy solutions, coupled with the support of prominent investors, suggests a bright future for the company. Their innovative approach to harnessing ocean wind for green hydrogen production could play a significant role in the global transition towards a sustainable energy future.
