UK's Drift Energy Wind-to-Hydrogen Ship Project Targets Over $500 Million

en.Wedoany.com Reported - UK-based startup Drift Energy has signed an exclusive capital and project framework agreement with Commenda Capital Partners to support the deployment of at least 50 wind-powered hydrogen production vessels, targeting over $500 million in project-level investment, expected to be financed through specific project vehicles.

Under the agreement, Drift Energy will continue to be responsible for vessel technology, intellectual property, hydrogen production systems, routing software, project origination, and offtake development. Commenda Capital Partners has been designated as the exclusive capital and project partner for this agreement, covering capital structure design, investor engagement, debt and equity processes, SPV setup, and project execution.

Drift Energy is developing a sailing vessel designed to capture wind energy at sea, produce green hydrogen onboard, and deliver it to ports, islands, and coastal users. The company states that its vessels, serving as mobile offshore energy infrastructure, can avoid the grid, permitting, and fixed infrastructure constraints faced by traditional renewable energy projects.

Drift Energy CEO Ben Medland stated that the framework agreement with Commenda aims to prove the company's model is "bankable and scalable." Commenda Capital Partners CEO and Managing Partner Ulrik Andersen noted that the concept still needs to be structured as a maritime asset class. "It's an innovative concept, but they are ships. They carry maritime risks and require corresponding financing methods," Andersen said.

This agreement is Commenda Capital Partners' first publicly disclosed mandate. The maritime investment firm, founded late last year by Michael Ebbe Hansen and Andersen, specializes in the origination, structuring, and financing of shipping investment opportunities. Andersen is well-known in the shipping industry, having led Golden Ocean and Avance Gas, and held executive roles at Petredec and Neu Gas Shipping.

Prior to signing this framework agreement, Drift Energy received Approval in Principle from RINA earlier this year, with the classification society stating it was the first energy harvesting vessel design to receive such approval. Drift Energy said it plans to launch its first vessel in 2027, followed by series production.