INSIGHTS / News

(Image L-R: Neal Pawson, Ben Medland and Mike Mackay)

DRIFT Energy sets sail on its mission to navigate green hydrogen production at sea thanks to £4.65m seed funding.  

As the need to decarbonise heavy industries like transportation and manufacturing intensifies, solutions that prioritise this goal have become more crucial than ever before. The European Environment Agency reported recently that transport emission represents around 25% of the EU’s total greenhouse gas emissions, with manufacturing following closely behind at 19.4%. 

To combat these statistics, the SETsquared Bristol alumnus is developing a fleet of high-tech vessels with the power to produce green energy at sea.  

These high-performance sailing vessels will harness deep ocean wind to produce the gas. This form of hydrogen boasts many enviable properties in the mission to Net Zero. Produced by electrolysis with renewable energy sources, green hydrogen has a significantly lower carbon footprint than grey hydrogen, which is produced from natural gas through steam methane reforming.   

Featuring collapsible aerofoil rigs, turbines, generators and energy storage containers, the vessels will be able to store hydrogen whilst out at sea in preparation for it to be lifted ashore in port or pumped offboard at the quayside. 

To make this a reality, DRIFT has secured a total £4.65m investment in a seed funding round led by Octopus Ventures with support from the Blue Action Accelerator. The investment will be used to bolster DRIFT’s vessel design programme, supporting team growth whilst enabling the onboarding of new partners as it prepares for its first keel laying in 2025.  

Speaking on the investment, Ben Medland, Founder and CEO, DRIFT, 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 live with that all-important first net positive ship.” 

Mat Munro, Investor, Octopus Ventures, said, “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.” 

George Northcott, Co-Founder of Blue Action Accelerator added, “Blue Action Accelerator’s mission is to help scale groundbreaking technologies that preserve marine environments and support coastal-dependent communities. 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.”