Dublin-headquartered Gazelle Wind Power has raised $4m in funding to accelerate the development of its hybrid floating offshore wind platform.
The investment includes $1.3m in seed funding and another $2.7m in strategic long-term financing which will be used to develop the company’s first grid-connected demonstrator. Investor participation included E2IN2 founding partner Valentin de Torres-Solanot del Pino, along with Peter Murphy and Zach Mecelis, co-founders of Covalis Capital.
“Gazelle has the potential to completely change the offshore wind industry,” said 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.”
Costs of construction, installation, and maintenance have hindered the widespread adoption of offshore wind projects. Gazelle believes its hybrid floater will be a key enabler for floating offshore wind platforms, which surmounts the current barriers of buoyancy and geographic limitations.
“Gazelle Wind Power’s 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,” the company said in a statement.