Gazelle Secures EUR 11.4 Million Funding for Portuguese Floating Pilot Project

November 13, 2024, by Adnan Memija

Gazelle Wind Power (Gazelle) has secured a EUR 11.4 million funding round led by Indico Capital Partners to accelerate further the development of Nau Azul, the company’s 2 MW grid-connected demonstrator in Aguçadoura, Portugal.

Other backers in the round included DST Group, August One, Wah Kwong, and E2IN2, among others.

Gazelle’s 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, and reducing the Levelized Cost of Electricity (LCOE) while mitigating the environmental impact of traditional platforms on marine ecosystems, said Gazelle.

“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 Jon Salazar, CEO of Gazelle Wind Power.

“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.”

The platform’s patented dynamic mooring system is said to reduce pitch and balance 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 scalable, adaptable configurations, making it a more affordable and accessible solution for deep water deployment.

The modularity of Gazelle’s components also enables cost-effective fabrication in shipyards, with final assembly near the wind farm site, the firm added.

Gazelle recently opened an office near the Nau Azul project site in Viana do Castelo, Portugal. In April 2023, the Irish company partnered with WAM Horizon to accelerate the development of the pilot project in Aguçadoura.