DRIFT Energy secures £4.7m in seed financing led by Octopus Ventures to build its first green hydrogen producing vessel
The seed round was led by Octopus Ventures with support from Blue Action Accelerator to finance the company initial vessel build.
DRIFT Energy develops high performance sailing vessels that harness deep ocean wind to produce and deliver green hydrogen at sea. The British startup aims to accelerate the global transition to clean energy.
DRIFT Energy has secured £4.7m in seed financing to advance its green hydrogen vessel design and prepare for its first keel laying in 2025. The funding round was led by Octopus Ventures, with participation from Blue Action Accelerator.
The capital will support team expansion, the onboarding of new partners, and the development programme for the company fleet. This financing marks a key milestone for the British startup as it works to deploy mobile renewable energy generation.
From the founder
"Octopus Ventures is a prolific and experienced investor in the field of Deep Tech, and we are thrilled to announce their investment in DRIFT,"
Ben Medland
Founder and CEO at DRIFT Energy
Investor perspective
"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."
Mat Munro
Investor, Octopus Ventures
Use of funds
- 01Continue product development
- 02Grow the team
Investors
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About the company
DRIFT Energy
DRIFT Energy builds high performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea.