Drift Energy is charting a new course towards a sustainable future with plans to unveil a fleet of 'net positive' yachts designed to produce green hydrogen at sea by 2025. The ambitious UK start-up recently concluded a successful £4.65m fundraise, spearheaded by Octopus Ventures and supported by the Blue Action Accelerator.
The seed funding round, orchestrated by Octopus Ventures and bolstered by the marine tech-focused Blue Action Accelerator, is set to propel Drift Energy's vessel design program. The funds will be directed toward expanding the team, enhancing the technology, and forging strategic partnerships to accelerate the company's growth trajectory.
The core of Drift Energy's vision is to develop cutting-edge vessels that tap into the power of deep ocean winds to generate green hydrogen. This initiative aims to decarbonize heavy manufacturing, transportation, and logistics industries, a crucial step toward meeting the surging demand for clean energy.
These innovative yachts will leverage underwater turbines to capture energy, which is then processed by an onboard electrolyser. The result? Gigawatts of green hydrogen can be stored and distributed globally. The company also integrates advanced Artificial Intelligence (AI) algorithms to optimize wind power capture, seeking out the most potent winds in the ocean depths.
Ben Medland, founder and CEO of Drift Energy, underscored the importance of the recent funding. He noted that this investment is a crucial milestone for advancing the development and construction of their pioneering green hydrogen-producing vessels.
"Octopus Ventures is a prolific and experienced investor in the field of deep tech, and we are thrilled to announce their investment in Drift," he 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."
Recently, Drift Energy was also awarded funding from Innovate UK through its Investor Partnership Programme to support its research and development and ultimately accelerate the design of its first vessel.
Mat Munro, an investor at Octopus Ventures - part of the Octopus Group and, therefore, a sister firm to UK energy supplier Octopus Energy - praised Drift'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," he said. "We can't wait for the day its first vessel sets out on its maiden voyage."
Blue Action Accelerator is an early-stage investment platform for the 'blue economy' backed by the Builders Initiative, IAlumbra, Planet Ocean Fund, Sea Forward Fund, and Prince Albert II of Monaco Foundation.
"Blue Action Accelerator's mission is to help scale groundbreaking technologies that preserve marine environments and support coastal-dependent communities," added co-founder George Northcott, Blue Action Accelerator. "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."
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