Drift Energy raises nearly GBP 5m to make green H2 production yacht

UK green energy yachts developer Drift Energy has secured GBP 4.65 million (USD 6m/EUR 5.5m) in a seed funding round to back its plans to begin the construction of its first vessel next year.

Bath, Somerset-based Drift develops high-performance sailing vessels that exploit deep ocean wind to produce green hydrogen at sea. The planned 58-meter-long (190 ft) ship is designed with a rated power capacity of 1 MW-2 MW and targeted output of 150,000 kilograms (330,693 lb) of green hydrogen, according to the company’s website.

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The fresh capital will be used to bolster the company’s vessel design programme, support team growth and enable the on-boarding of new partners as the company plans its first keel laying in 2025, Drift said in a press statement on Friday.

The seed round was led by Octopus Ventures, the venture investment arm of Octopus Investments, part of the wider Octopus Group. It also attracted participation from Blue Action Accelerator.

The fundraising transaction comes after Drift recently secured a grant from the UK’s innovation agency Innovate UK through its Investor Partnership Programme to advance the company’s research and development programme and accelerate the design process of the first vessel.

(GBP 1 = USD 1.291/EUR 1.175)