DUBLIN--(BUSINESS WIRE)--Gazelle Wind Power Limited announced today that it has raised $4 million in funding to accelerate the development of its hybrid floating offshore wind platform. The Gazelle platform is unlocking the massive deep-water offshore wind market, making this sector a key driver for the worldwide transition to renewable energy.
This investment includes $1.3 million in seed funding and another $2.7 million in strategic long-term financing which will be used to develop the company’s first grid-connected demonstrator. Investor participation included distinguished Spanish businessman and E2IN2 founding partner Valentin de Torres-Solanot del Pino, along with Peter Murphy and Zach Mecelis, co-founders of Covalis Capital and leading investors in the energy transition.
“Gazelle has the potential to completely change the offshore wind industry,” said E2IN2 founding partner Valentin de Torres-Solanot del Pino. “By combining the best features of tension-leg and semi-submersible platforms—while eliminating their drawbacks—Gazelle’s technology will be at the forefront of tomorrow’s energy landscape. The E2IN2 team is delighted to join Gazelle and contribute in its efforts to carry out this invaluable undertaking.”
Offshore wind projects have traditionally lagged behind onshore wind and other renewable energy projects in both investment and implementation. Costs of construction, installation, and maintenance have hindered the widespread adoption of offshore wind projects. Gazelle has emerged as a key enabler for floating offshore wind platforms with its disruptive hybrid floating design, which surmounts the current barriers of buoyancy, and geographic limitations while reducing costs and preserving fragile marine environments.
Gazelle Wind Power’s innovative, stable, hybrid attenuated mooring platform is designed and engineered by leading naval engineers to enable floating offshore wind production in deeper waters farther out at sea. The patented design allows for a 70% reduction in the weight of steel, while delivering a highly stable platform with a tilt of less than 1° together with a 30% cost reduction compared to other floating wind platforms.
Gazelle recently named an elite group of energy industry veterans to its board of directors, including leading global policymakers, government officials, engineers, and CEOs.
About Gazelle Wind Power
Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonization. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy, and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, and Paris. For more information, visit www.gazellewindpower.com.