DRIFT Energy, a British startup focused on producing green energy at sea through advanced sailing vessels, has successfully closed its seed funding round. Led by Octopus Ventures and with support from Blue Action Accelerator, the company has secured a total of £4.65 million (about $6.1 million) to scale its operations and begin construction of its first green hydrogen producing vessel in the coming year.
DRIFT Energy aims to play a significant role in the global transition to clean energy by deploying a fleet of high-performance sailing vessels that utilize deep ocean wind to generate green hydrogen at sea and distribute it globally. The rising demand for clean hydrogen in key sectors such as heavy industry, transportation, and manufacturing is driving innovation in the industry. Green hydrogen, produced through electrolysis using renewable energy, has a significantly lower carbon footprint compared to ‘grey’ hydrogen, which is derived from natural gas.
The recent funding obtained by DRIFT Energy marks a crucial milestone in the development of their first green hydrogen-producing ship. The investment from Octopus Ventures, a renowned investor in Deep Tech, coupled with the support from Blue Action Accelerator, will enable the company to accelerate its mission and bring to life its vision of “Oceans of Energy” with the creation of their inaugural net positive ship.
Mat Munro, an Investor at Octopus Ventures, expressed excitement about DRIFT Energy’s potential as a leader in advancing renewable energy sources. Munro stated that DRIFT’s ambitions perfectly align with Octopus Ventures’ objective of supporting companies that are building a sustainable planet. The company anticipates the day when DRIFT’s first vessel embarks on its maiden voyage.
DRIFT Energy’s innovative approach to producing renewable energy from the ocean has gained recognition from Blue Action Accelerator, an organization dedicated to scaling transformative technologies that protect marine environments and support coastal communities. The organization emphasized DRIFT’s ability to create a novel class of mobile renewable energy from the world’s seas and deliver it where it is most needed, from island nations to power-hungry ports.
DRIFT Energy has also received funding from Innovate UK, the UK’s innovation agency, through its Investor Partnership Programme. This grant will further propel the research and development efforts of DRIFT Energy, expediting the design process of their first vessel.
In a related development, Japanese shipping major Mitsui O.S.K. Lines (MOL) announced plans to embark on the construction of Wind Hunter, a hydrogen-producing vessel equipped with multiple rigid sails. The construction is part of MOL’s Wind Hunter project, which explores the integration of hydrogen fuel and wind power in new applications.
DRIFT Energy Successfully Closes Seed Funding Round: DRIFT Energy, a British startup focused on producing green energy at sea through advanced sailing vessels, has closed its seed funding round. The company has secured £4.65 million ($6.1 million) led by Octopus Ventures and with support from Blue Action Accelerator. This funding will be used to scale operations and begin construction of their first green hydrogen-producing vessel.
DRIFT Energy’s Mission: DRIFT Energy aims to contribute to the global transition to clean energy by deploying a fleet of high-performance sailing vessels that use deep ocean wind to generate green hydrogen at sea. The goal is to distribute this green hydrogen globally to meet the increasing demand in sectors such as heavy industry, transportation, and manufacturing. Green hydrogen produced through electrolysis using renewable energy has a lower carbon footprint compared to more commonly used ‘grey’ hydrogen derived from natural gas.
Milestone in Green Hydrogen Ship Development: The recent funding obtained by DRIFT Energy is a significant milestone in the development of their first green hydrogen-producing ship. The investment from Octopus Ventures and support from Blue Action Accelerator will accelerate the company’s mission and bring their vision of “Oceans of Energy” to life with the creation of their inaugural net positive ship.
Recognition and Support: DRIFT Energy’s innovative approach to producing renewable energy from the ocean has gained recognition from Blue Action Accelerator, an organization dedicated to scaling transformative technologies that protect marine environments and support coastal communities. The organization highlights DRIFT’s ability to create a new class of mobile renewable energy and deliver it where it is most needed. The company has also received funding from Innovate UK, the UK’s innovation agency, which will further propel their research and development efforts.
Mitsui O.S.K. Lines’ Wind Hunter Project: Japanese shipping major Mitsui O.S.K. Lines (MOL) has announced plans to construct the Wind Hunter, a hydrogen-producing vessel with multiple rigid sails. This project is part of MOL’s exploration of integrating hydrogen fuel and wind power in new applications.
Key Terms/Jargon:
1. Green Hydrogen: Hydrogen produced through electrolysis using renewable energy sources, resulting in a lower carbon footprint compared to ‘grey’ hydrogen derived from natural gas.
2. Grey Hydrogen: Hydrogen produced from non-renewable sources, primarily natural gas.
3. Deep Tech: Technologies that are based on scientific advances and engineering breakthroughs, often with long development cycles and significant innovations.
Suggested Related Links:
– Octopus Ventures
– Blue Action Accelerator
– Innovate UK
– Mitsui O.S.K. Lines