The UK startup behind a system to make inexperienced vitality at sea utilizing hi-tech crusing vessels has secured £4.65 million in seed capital, enabling it to scale and realise its ambition to start out vessel manufacturing subsequent yr.
The seed funding spherical for DRIFT Power was led by enterprise capital agency Octopus Ventures, with assist from Blue Motion Accelerator.
DRIFT mentioned it’s growing renewable vitality partnerships that may profit coastal and island communities around the globe. Ben Medland, Founder and CEO, lately attended the United Nations’ 4th Worldwide Convention on Small Island Growing States, the place he mentioned he noticed enormous alternative for the corporate to assist the vitality transition for the 65+ million people who reside throughout greater than 1000 islands on the planet.
He mentioned 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.”
Mat Munro, Investor at Octopus Ventures, mentioned: “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-Founding father of Blue Motion 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 Power has additionally lately been awarded funding from Innovate UK, the UK’s innovation company, by way of its Investor Partnership Programme, which is designed to drive funding into high- development, revolutionary UK corporations engaged on cutting-edge expertise. The grant will help the analysis and growth programme and speed up the design technique of the primary vessel.
