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.

Keep up with all the latest news from the UK and around the world by following Sky News

DRIFT has also recently been awarded funding from Innovate UK, the government’s innovation agency, through its Investor Partnership Programme.

Grocery inflation rises for first time since March 2023 – as £10m spent on Euros final beer

Ofgem approves Britain’s biggest single grid investment for ‘electricity super highway’

Surprise fall in unemployment rate as wage growth slows down

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.”

Read more from Sky News:
£10m spent on beer on day of Euros final
Surprise fall in unemployment rate
Fall in Heathrow passengers blamed on permit cost

Be the first to get Breaking News

Install the Sky News app for free

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.”

Related posts:

Ex-BT chair Rake quits Huawei UK board after a year 29,000 pubs ‘will stay closed’ even if outdoor service allowed in April LloydsPharmacy owner McKesson in talks to sell high street giant Cut in electric car subsidy criticised as ‘wrong move at the wrong time’ UK’s wind farms are helping emissions but not the economy, say business leaders The West is chipping away at Russia’s ability to finance its violent campaign in Ukraine ‘Childish and misunderstood’: PwC hits back at Lord Sugar’s ‘lazy gits’ hybrid working tweet Precision engineer Nasmyth rescued after pre-pack insolvency deal Manchester United to confirm sale of 25% stake to Sir Jim Ratcliffe Vodafone’s biggest shareholder ‘poses national security risk’, UK government says ‘They are putting out defective airplanes’ – Boeing whistleblower claims Ministers kick off search for new football referee