Gazelle Wind Power raises a further $8.7m in funding

Dublin-headquartered Gazelle Wind Power has raised $8.7 million (€7.69m) from backers just four months after closing a $4 million investment.

The company has developed what it describes as a ground-breaking hybrid floating offshore wind platform. It says the solution costs half the price of other platforms to manufacture and 60 per cent less in terms of installation fees, providing savings well above €1 million per megawatt.

The platform has a high stability attenuated pitch that overcomes current barriers of buoyancy and geographic limitations, while also reducing costs and preserving fragile marine environments, the company says.

Katapult, a Norwegian investment firm focused on tech start-ups, led the new financing. As part of the transaction Gazelle will participate in Katapult's Ocean Accelerator programme, which gives it access to other investors as well as mentors and potential partners.

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"We believe that our hybrid floating platform is a critical piece in enabling the enormous offshore wind market and it speaks volumes to have our technology recognised for its role in decarbonisation by one of the top impact investors in the world," said Gazelle president and founder Jon Salazar.

Gazelle is among 18 companies chosen from more than 2,700 applicants for the accelerator.

"We chose Gazelle Wind Power as one of our 2021 portfolio companies because they are addressing a critical problem that would open up the offshore wind market while preserving fragile marine environments," said Jonas Skattum Svegaarden, Katapult Ocean chief executive.

“By enabling a lower cost production of emission-free electricity in deep water sites and using a fraction of the materials used in current designs, Gazelle is making an impact for more than just energy users, but marine life as well,” he added.