Gazelle receives funding from Katapult after being selected from more than 2700 companies
Gazelle Wind Power (Gazelle), the developer of an innovative hybrid floating offshore wind platform, is pleased to announce that it has been selected as a 2021 portfolio company by Katapult Group (Katapult), an investment company focused on highly scalable technology startups. Through this partnership, Gazelle will be a part of Katapult's Ocean Accelerator program, receiving investment and access to Katapult's global network of impact investors, mentors, experts, partners, and alumni. With Katapult's investment, Gazelle has now raised a total of more than $12.7 million USD.
"Gazelle is within the top 0.8% of impact tech companies screened by Katapult this year, which reinforces the market potential for our technology," said Gazelle President and Founder Jon Salazar. "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 recognized for its role in decarbonization by one of the top impact investors in the world."
Having screened more than 2,700 companies, Katapult selected Gazelle Wind Power from among 18 companies located in 15 different countries spanning five continents. Each of the selected companies, including Gazelle Wind Power, are committed to addressing at least one or more of the UN's sustainable development goals.
"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 CEO. "By enabling a lower cost production of emission-free electricity in deepwater 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."
More than 150 countries have adopted the UN's Sustainable Development Goals and thousands of companies have sustainability at the top of their strategic agenda, including Gazelle. The Global Wind Energy Council (GWEC) forecasts the floating offshore wind market will reach full commercialization by 2030 with the expected generation of 6.2 GW of floating offshore wind. Gazelle's platform supports this growth while reducing costs and installation times. With this rapid progress within the sector, Gazelle is uniquely positioned to be a global leader in wind energy.
Supported by an elite group of energy industry veterans on its board of directors including leading global policymakers, government officials, engineers and CEOs, Gazelle's hybrid floating platform with a first-of-its-kind mobile mooring system received a statement of feasibility from leading global certification and classification firm DNV.
In less than 12 months, Gazelle has raised $12.7 million USD in funding, including $1.8 million in equity funding from some of the leading investors in the energy transition and $10.9 million in strategic long-term financing.
About Gazelle Wind Power
Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonisation. 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, Paris, and Texas. For more information, visit www.gazellewindpower.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005321/en/
Contacts:
Media Contacts
For Gazelle Wind Power:
Wendy Prabhu Mercom Communications
T: +1 512 215 4452
gazelle@mercomcapital.com
