Gazelle Wind raises over EUR 11m for floating platform development

Dublin-based floating wind platform developer Gazelle Wind Power said today it has raised EUR 11.4 million (USD 12.1m) to further accelerate the development of its grid-connected demonstrator in Portugal.

The company got the funds through a financing round led by Indico Capital Partners, with participation from DST Group, August One, Wah Kwong, E2IN2, and others.

Project Nau Azul is a 2-MW demonstrator in Aguçadoura that aims to test GWP's new technology in a real-world environment. It involves the installation of a full-scale prototype of an attenuated mooring floating platform. With a lightweight and modular design, the system is said to reduce pitch and balance movement in response to external forces like wind, waves, and tide.

“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," said Stephan de Moraes, co-founder and managing general partner at Indico Capital Partners.

(EUR 1.0 = USD 1.062)

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