A Bath-headquartered firm aiming to use hi-tech sailing vessels to generate green energy at sea has raised £4.65m to fund its next stage of growth.
DRIFT Energy will use the investment to start production of the pioneering, high-performance vessels next year.
The firm eventually hopes to deploy a fleet of ‘DRIFT ships’, pictured, to harness deep ocean wind from which it will produce green hydrogen at sea for delivery across the global.
The investment will bolster the firm's vessel design programme, support team growth and enable the onboarding of new partners as it plans its first keel laying next year.
The growing demand for clean hydrogen to accelerate the decarbonisation 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.
With a focus on innovation and sustainability, DRIFT is developing renewable energy partnerships that will benefit coastal and island communities around the world.
DRIFT founder and chief executive Ben Medland recently attended the United Nations’ Fourth International Conference on Small Island Developing States, where he saw huge opportunity for the company to support the energy transition for the 65m-plus people who live across more than 1,000 islands across the world.
The funding round was led by Octopus Ventures, one of the largest and most active venture capital investors in the UK and Europe, with support from Blue Action Accelerator.
Ben Medland said: “Octopus Ventures is a prolific and experienced investor in the field of deep tech, and we are thrilled to announce their investment in DRIFT.
"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.”
Octopus Ventures investor Mat Munro added: “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."
Blue Action Accelerator’s mission is to help scale groundbreaking technologies that preserve marine environments and support coastal-dependent communities.
Co-founder George Northcott said: “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 has also recently been 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 catalyse the research and development programme and accelerate the design process of the first vessel.
