A start-up which uses hi-tech sailing vessels to generate clean energy at sea has floated into the grip of Octopus Ventures.
Sky News understands that DRIFT Energy will announce this week that it has secured close to £5m of new backing from Octopus Ventures and Blue Action Accelerator.
The funding will enable DRIFT Energy to commence vessel production next year.
It plans to deploy a fleet of high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and then distribute it around the world.
DRIFT Energy aims to capitalise on the growing demand for clean hydrogen to accelerate the decarbonisation of heavy industry, transportation and manufacturing.
The company is forging renewable energy partnerships designed to benefit coastal and island communities which are home to more than 65 million people globally.
DRIFT has also recently been awarded funding from Innovate UK, the government’s innovation agency, through its Investor Partnership Programme.
It said the grant would fuel its research and development programme and accelerate the design process for its first vessel.
Ben Medland, DRIFT founder and chief executive, said: “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.”
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Mat Munro, an investor at Octopus Ventures, added: “We’re incredibly excited about DRIFT and the team’s potential to lead the way in developing a truly innovative source of renewable energy.”