The UK startup behind a system to make green energy at sea using hi-tech sailing vessels has secured £4.65 million in seed capital.
The technology has generated headlines for its novel blend of ideas in relation to the generation, storage and distribution of renew- able energy.
Underwater turbines on the vessels will feed an on-board electrolyser which will produce green hydrogen. This then will then be offloaded at ports where it will be stored and used.
Underpinning the proposition is a vessel routing algorithm that the firm says enables the yacht to find and stay in optimum weather con- ditions, returning to port when its hydrogen tank is full.
The seed funding round for DRIFT Energy was led by venture capital firm Octopus Ventures, with support from Blue Action Accelerator.
DRIFT said it is developing renewable energy partnerships that will benefit coastal and island communities around the world. Ben Medland, Founder and CEO, recently attended the United Nations’ 4th International Conference on Small Island Developing States, where he said he saw huge opportunity for the company to support the energy transition for the 65+ million people that live across more than 1000 islands on the planet.
He said the 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 life with that all-important first net-positive ship.”
Compared to the 13 years said to be required to locate, plan, design and commission an offshore wind farm, as DRIFT explained to Offshore Engineer, a flotilla of vessels equipped to generate an equivalent amount of power can be built in a tenth of the time. Without the need for planning, surveys and undersea infrastructure, the whole process is greatly expedited.
Mat Munro, Investor at 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.”
DRIFT Energy has also recently been awarded funding from Innovate UK, the UK’s innovation agency, through its Investor Partnership Programme. The grant will assist the research and development programme and accelerate the design process of the first vessel.
