Floating offshore wind platform developer Gazelle Wind Power has secured an €11m funding round led by investor Indico Capital Partners to accelerate the development of Nau Azul, Gazelle’s 2MW grid-connected demonstrator in Aguçadoura, Portugal.
Other backers in the €11.4m round included DST Group, August One, Wah Kwong, and E2IN2, among others.
“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,” said Gazelle Wind Power chief executive Jon Salazar.
“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.”
Gazelle said its next generation floating offshore wind platform addresses critical industry challenges like high mass production and installation costs, complex supply chain logistics, limited suitable installation sites, reducing the levelised cost of electricity while mitigating the environmental impact of traditional platforms on marine ecosystems.
The platform’s rpatented dynamic mooring system reduces pitch and balances movement in response to external forces, including wind, waves, and tide.
Its lightweight, modular design is based on naval engineering principles, does not use active ballasting systems, and allows for scalable, adaptable configurations, making it a more affordable and accessible solution for deep water deployment, said the company.
The modularity of Gazelle’s components also enables cost-effective fabrication in shipyards, with final assembly near the wind farm site, it added.
Co-founder and managing general partner at Indico Capital Partners Stephan de Moraes said: “Offshore renewables will be a fundamental contributor to a more sustainable energy production mix.
“For costs to be competitive we need new ways to build, install and operate these mega structures.
“Gazelle offers a solution for that pressing problem of cost competitiveness with a “lego” type of structure that will bring costs down dramatically and enables the installation of deep-sea wind farms all over the world.”
DST Group Chairman José Teixeira added: “Gazelle Wind Power offers an exciting new solution to the complex challenge of creating floating offshore wind farms that are environmentally friendly, cost-effective, and durable in open-sea conditions.
“We believe that DST Group’s strong track record in manufacturing, engineering, construction, and renewable energy will add tremendous value to the development and construction of Nau Azul.
“Moreover, the investment and manufacturing partnership align perfectly with one of the group’s key goals: facilitating the energy transition and reducing greenhouse gas emissions.”
Gazelle’s approach is expected to drive job creation, reduce emissions, and provide cost-effective renewable energy solutions.
The company recently opened an office near the Nau Azul project site in Viana do Castelo, Portugal, to enhance engineering, technical, and administrative functions.
This local presence will support Gazelle’s efforts to establish floating offshore wind supply chain networks, leveraging local shipbuilding expertise in design, fabrication, and deployment, it said.
August One managing partner Sameer Narula said: “At August One, ‘Investing in Good. For Good’ means backing innovative companies like Gazelle Wind Power that push the boundaries of clean energy technology.
“Through our Atlântico 2 fund, we are dedicated to supporting businesses from Portugal that make a real impact on planetary boundaries and align with the Sustainable Development Goals.
“Gazelle’s groundbreaking approach to wind power shows immense promise for the future of renewable energy, and we’re excited to support their journey and the exceptional team behind this innovation.”