Tom Barlow-BrownUK-based startup DRIFT Energy has raised £4.65 million in seed funding to advance its novel green hydrogen production technology.
The funding round was led by Octopus Ventures, with support from Blue Action Accelerator.
DRIFT Energy is developing a fleet of high-performance sailing vessels designed to harness deep ocean wind for green hydrogen production through electrolysis.
The ships will be equipped with advanced sails and onboard electrolysers, which will convert seawater into hydrogen fuel. The hydrogen will then be stored and transported to meet global energy demands, particularly in sectors like heavy industry, transportation, and manufacturing, which are challenging to decarbonise.
‘We’re thrilled to have the support of Octopus Ventures and Blue Action Accelerator,’ said DRIFT Founder and CEO Ben Medland. ‘This funding enables us to push forward with our mission to create ‘Oceans of Energy’ and build the first green hydrogen-producing vessel.’
The vessels will operate in open oceans, where consistent and powerful wind resources can be fully utilised. The company hopes that in producing green hydrogen the vessels will have a significantly lower carbon footprint.
DRIFT also plans for its vessels to be able to offer a mobile, scalable solution to renewable energy production targeted at coastal and island communities worldwide.
The company has also received a grant from Innovate UK as part of its Investor Partnership Programme, aimed at accelerating the research and development process.
The newly secured funds will be used to refine the vessel design, expand the team, and onboard new partners, with the first keel laying planned for 2025.
Image: DRIFT Energy
