Octopus Ventures Backs Clean Energy Start-Up Utilizing High-Tech Sailing Vessels
DRIFT Energy, a start-up focused on generating clean energy at sea using advanced sailing vessels, has secured significant funding from Octopus Ventures and Blue Action Accelerator, according to sources familiar with the matter.
The investment, reported to be close to £5m, will allow DRIFT Energy to begin production of its innovative vessels next year. The company’s plan is to utilize a fleet of high-performance sailing vessels to harness deep ocean wind and produce green hydrogen, which will then be distributed globally.
DRIFT Energy aims to take advantage of the growing demand for clean hydrogen in order to accelerate the decarbonization of heavy industry, transportation, and manufacturing. In addition, the company has partnered with renewable energy organizations with the goal of benefiting coastal and island communities, which are home to over 65 million people worldwide.
In addition to the backing from Octopus Ventures and Blue Action Accelerator, DRIFT Energy has also received funding from Innovate UK, the government’s innovation agency, through its Investor Partnership Programme. The grant will support the company’s research and development efforts and expedite the design process for its first vessel.
Ben Medland, founder and CEO of DRIFT Energy, expressed enthusiasm about the company’s future, stating, “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.”
According to Mat Munro, an investor at Octopus Ventures, the firm is highly optimistic about DRIFT Energy’s potential to lead the way in developing a truly innovative source of renewable energy.
The news of Octopus Ventures’ investment in DRIFT Energy comes on the heels of a report revealing that £10m was spent on beer during the day of the Euros final, as well as a surprise drop in the unemployment rate. Meanwhile, a decline in the number of passengers at Heathrow Airport has been attributed to the high cost of permits.
