A startup developing clean energy-generating boats has secured £5m from Octopus Ventures and Blue Action Accelerator.
Bath-based DRIFT Energy is working towards producing vessels that harvest and transport green hydrogen while at sea.
The startup has described its product as “net positive ships” as they can harvest energy as they move via underwater turbines. The energy feeds an onboard electrolyser to produce and store hydrogen energy.
DRIFT Energy calls its primary product MVY – ‘most valuable yacht’ – to describe its climate impact.
According to the company, the MVY can be deployed to customers at sea to provide green refuelling services.
The company said its ships navigate through optimal weather conditions based on AI routing algorithms. The algorithm determines the best locations to pass through and returns the yacht to port when it detects the hydrogen tank is full.
DRIFT Energy founder and CEO Ben Medland said the new funding “enables us to drive with momentum into the next phase of our mission”.
The company previously received funding via the government agency Innovate UK.
“We’re incredibly excited about DRIFT and the team’s potential to lead the way in developing a truly innovative source of renewable energy,” added Octopus Ventures investor Mat Munro.