DRIFT Energy Secures Funding to Build First Green Hydrogen-Producing Vessel
Key Ideas
  • DRIFT Energy, a UK startup, secures £4.65 million in funding led by Octopus Ventures to build the first green hydrogen-producing vessel.
  • The company plans to deploy high-performance sailing vessels to produce green hydrogen at sea and address the growing demand for clean energy in various sectors.
  • The funding is crucial for DRIFT Energy to advance its mission of 'Oceans of Energy' and marks a significant step towards realizing its vision of a net positive ship.
  • Japanese shipping major Mitsui O.S.K. Lines also announced plans for a hydrogen-producing vessel as part of its Wind Hunter project, focusing on hydrogen fuel and wind power applications.
DRIFT Energy, a British startup, has successfully closed its seed funding round with a total of £4.65 million, facilitated by Octopus Ventures and Blue Action Accelerator. The funding will enable the company to commence the production of its first green hydrogen-producing vessel aimed at driving the global transition to clean energy. By utilizing deep ocean wind and high-performance sailing vessels, DRIFT Energy plans to produce green hydrogen at sea and distribute it worldwide to support the decarbonization of sectors like heavy industry, transportation, and manufacturing. The investment from Octopus Ventures and Blue Action Accelerator signifies a crucial milestone for DRIFT Energy as it progresses towards its goal of creating a fleet of environmentally friendly ships. The company's founder and CEO, Ben Medland, expressed excitement about the partnership with Octopus Ventures and the opportunity to turn their vision of 'Oceans of Energy' into reality. The positive sentiment towards DRIFT Energy is reinforced by supportive remarks from investors like Mat Munro, highlighting the potential of the company to pioneer renewable energy sources. Additionally, the backing from Blue Action Accelerator aligns with DRIFT's mission of developing sustainable technologies that benefit marine environments and coastal communities. Furthermore, DRIFT Energy's recent funding from Innovate UK will enhance its research and development efforts, speeding up the design process for the first green hydrogen-producing vessel. The article also mentions Mitsui O.S.K. Lines' initiative with the Wind Hunter project, emphasizing the industry's interest in exploring innovative applications of hydrogen fuel and wind power. Overall, the article showcases a positive outlook on the advancements in green hydrogen production and sustainable marine technology, highlighting the collaborative efforts of companies like DRIFT Energy and Mitsui O.S.K. Lines in shaping a more environmentally conscious future.
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