Gazelle Wind Power, a Dublin-based developer of foundations for floating offshore wind farms, has secured investment of $12.1 million to accelerate the development of its floating wind technology.
The funding round for Gazelle Wind Power was led by Indico Capital Partners, a premier investor in ocean related sustainable technologies.
Other investors in the round included DST Group, August One, Wah Kwong, and E2IN2, among others.
The funding will further accelerate the development of Nau Azul, Gazelle’s 2 MW grid-connected demonstrator in Aguçadoura, Portugal.
Gazelle’s next generation floating offshore wind platform has been developed to address critical industry challenges like high mass production and installation costs, complex supply chain logistics, limited suitable installation sites, reducing the Levelized Cost of Electricity (LCOE) whilst mitigating the environmental impact of traditional platforms on marine ecosystems.
The platform’s patented dynamic mooring system reduces pitch and balances movement in response to external forces, including wind, waves, and tide, according to the company.
Its lightweight, modular design is based on naval engineering principles, does not use active ballasting systems, and allows for adaptable configurations, making it a more affordable and accessible solution for deep water deployment.
“Indico’s reputation for backing pioneering, sustainable technologies speaks volumes about the potential they see in our floating wind platform technology unlocking the offshore wind industry globally. The Nau Azul project will serve as an example of how to design, build, install, operate and therefore enable cost-competitive floating wind energy generation,” said Jon Salazar, Gazelle Wind Power’s CEO.