Green Energy Startup Drifts Into Octopus Ventures’ Arms

A startup that uses cutting-edge sailing ships to generate clean energy at sea has landed in the hands of Octopus Ventures.

DRIFT Energy will announce this week that it has raised almost £5m in new funding from Octopus Ventures and Blue Action Accelerator, Sky News reports.

Thanks to this funding, DRIFT Energy will be able to start producing ships next year.

It plans to deploy a fleet of high-performance sailing vessels that will use deep-sea ocean wind to produce green hydrogen at sea and then distribute it around the world.

DRIFT Energy aims to leverage the growing demand for clean hydrogen to accelerate the decarbonization of heavy industry, transportation and manufacturing.

The company builds renewable energy partnerships that benefit coastal and island communities, which are home to more than 65 million people worldwide.

DRIFT recently received funding from Innovate UK, the government’s innovation agency, under its Investor Partnership Programme.

The company said the grant will fund a research and development program and accelerate the design process of the first vessel.

Ben Medland, Founder and CEO of DRIFT, said: “In addition to the support from Blue Action Accelerator, this funding (from Octopus Ventures) allows us to move forward with momentum into the next phase of our mission.”

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Mat Munro, investor at Octopus Ventures, added: “We are incredibly excited about DRIFT and the team’s potential to lead the development of a truly innovative renewable energy source.”