DRIFT Energy, a startup based in Bath, the UK, uses hi-tech sailing vessels to generate clean energy at sea. The company has closed £5 million in Series A funding from Octopus Ventures, which invested in Harbiz and Flock) and Blue Action Accelerator.
How will it use the investment?
The funding will enable DRIFT Energy to commence vessel production next year. The company plans to deploy a fleet of high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and distribute it worldwide.
This round follows the recent funding from Innovate UK, the government’s innovation agency via its Investor Partnership Programme. Back then, the company announced that the grant would fuel its research and development programme and accelerate the design process for its first vessel.
Ben Medland, DRIFT founder and chief executive, said: “Alongside the support from Blue Action Accelerator, this funding (from Octopus Ventures) enables us to drive with momentum into the next phase of our mission.”
Mat Munro, an investor at Octopus Ventures, 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.”
What does the company do?
Founded by Ben Medland in 2021, DRIFT Energy works with the mission to solve the world’s biggest problem, by using its biggest resource – the oceans. It harvests green hydrogen at sea and transports it globally. Its technology creates a new class of renewable energy and lends multiple advantages over existing classes of renewable energy.
As per the company, its ships navigate through optimal weather conditions based on AI routing algorithms. This determines the best locations to pass through and returns the yacht to port when it detects the hydrogen tank is full.
Sustainable yachts
The company’s innovative Energy Yachts are the first of their kind. These are sailboats that generate renewable energy as they sail. These yachts produce green hydrogen (a climate critical future fuel) on board and deliver it to ports around the world. Like a ‘free range’ wind farm with planet scale impact.
DRIFT Energy aims to build its first 1MW-capable Ocean class vessel by 2025 and scale a global fleet to over 1000 ships. All whilst chasing a target to abate up to a gigatonne of CO2 by 2050.
What do we think about DRIFT Energy?
The company is pioneering a unique approach to renewable energy by using high-performance sailing vessels to harvest green hydrogen at sea. Its AI-driven Energy Yachts navigate optimal routes, generating hydrogen for global distribution. This innovative technology creates a new class of renewable energy, offering significant advantages in scalability and sustainability, with the potential to make a substantial impact on global CO2 reduction efforts.
