Dublin-headquartered Gazelle Wind Power Limited has raised USD 4 million in funding to accelerate the development of its hybrid floating offshore wind platform.
This investment includes USD 1.3 million in seed funding and another USD 2.7 million in strategic long-term financing which will be used to develop the company’s first grid-connected demonstrator.
Investor participation included Spanish businessman and 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. The E2IN2 team is delighted to join Gazelle and contribute in its efforts to carry out this invaluable undertaking.”
The patented design of Gazelle Wind Power’s platform is said to allow for a 70 per cent reduction in the weight of steel, while delivering a highly stable platform with a tilt of less than 1° together with a 30 per cent cost reduction compared to other floating wind platforms.