DRIFT Energy Secures Funding to Sail Towards a Green Hydrogen Future
Key Ideas
  • DRIFT Energy, a Bath-based startup, secured £4.65m in funding led by Octopus Ventures to scale its production of high-performance sailing vessels for green hydrogen production at sea.
  • The company aims to meet the growing demand for clean hydrogen in sectors like heavy industry and transportation, with a focus on reducing carbon footprint compared to grey hydrogen.
  • The funding will support DRIFT Energy in building the first green hydrogen producing ship, marking a significant step towards creating renewable energy solutions from deep ocean wind.
  • Investors like Octopus Ventures and Blue Action Accelerator are optimistic about DRIFT's potential to drive innovation in renewable energy and contribute to a sustainable planet through their 'Oceans of Energy' vision.
Bath-based startup DRIFT Energy has recently secured £4.65m in funding, led by Octopus Ventures and supported by Blue Action Accelerator, to advance its mission of producing green energy at sea using high-tech sailing vessels. The company plans to start vessel production next year, with a focus on harnessing deep ocean wind to generate green hydrogen and distribute it globally. This initiative aligns with the rising need for clean hydrogen to decarbonise various sectors such as heavy industry and transportation. By utilizing electrolysis with renewable energy sources, DRIFT Energy aims to offer a more environmentally friendly alternative to 'grey' hydrogen produced from natural gas. The investment from Octopus Ventures and Blue Action Accelerator will enable DRIFT Energy to develop and construct the first green hydrogen producing ship, pushing forward their vision of 'Oceans of Energy'. The positive sentiment towards DRIFT Energy is evident in the statements from investors like Mat Munro of Octopus Ventures, highlighting the company's potential to lead innovation in renewable energy. Additionally, the support from Blue Action Accelerator emphasizes the importance of scaling technologies that preserve marine environments. With the recent funding from Innovate UK, DRIFT Energy is well-positioned to continue its journey towards creating sustainable and mobile renewable energy solutions from the world's seas.
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