Indico Capital Partners leads funding round to accelerate innovative floating wind technology
Gazelle Wind Power (Gazelle), the developer of a next-generation floating offshore wind platform technology, has secured a 11.4 million funding round led by Indico Capital Partners, a premier investor in ocean related sustainable technologies. Other investors in the round included DST Group, August One, Wah Kwong, and E2IN2, among others. The funding will further accelerate the development of Nau Azul, Gazelle's 2MW grid-connected demonstrator in Aguçadoura, Portugal.
"Indico's reputation for backing pioneering, sustainable technologies speaks volumes about the potential they see in our floating wind platform technology unlocking the offshore wind industry globally," commented Gazelle Wind Power CEO Jon Salazar. "The Nau Azul project will serve as an example of how to design, build, install, operate and therefore enable cost-competitive floating wind energy generation."
Gazelle's next generation floating offshore wind platform addresses critical industry challenges like high mass production and installation costs, complex supply chain logistics, limited suitable installation sites, reducing the Levelized Cost of Electricity (LCOE) whilst mitigating the environmental impact of traditional platforms on marine ecosystems.
The platform's revolutionary patented dynamic mooring system reduces pitch and balances movement in response to external forces, including wind, waves, and tide. Its lightweight, modular design is based on naval engineering principles, does not use active ballasting systems, and allows for scalable, adaptable configurations, making it a more affordable and accessible solution for deep water deployment. The modularity of Gazelle's components also enables cost-effective fabrication in shipyards, with final assembly near the wind farm site.
Stephan de Moraes, Co-Founder and Managing General Partner at Indico Capital Partners stated: "Offshore renewables will be a fundamental contributor to a more sustainable energy production mix. For costs to be competitive we need new ways to build, install and operate these mega structures. Gazelle offers a solution for that pressing problem of cost competitiveness with a 'lego' type of structure that will bring costs down dramatically and enables the installation of deep-sea wind farms all over the world."
"Gazelle Wind Power offers an exciting new solution to the complex challenge of creating floating offshore wind farms that are environmentally friendly, cost-effective, and durable in open-sea conditions," said José Teixeira, Chairman of DST Group. "We believe that DST Group's strong track record in manufacturing, engineering, construction, and renewable energy will add tremendous value to the development and construction of Nau Azul. Moreover, the investment and manufacturing partnership align perfectly with one of the group's key goals: facilitating the energy transition and reducing greenhouse gas emissions."
Gazelle's innovative approach is expected to drive job creation, reduce emissions, and provide cost-effective renewable energy solutions. The company recently opened an office near the Nau Azul project site in Viana do Castelo, Portugal, to enhance engineering, technical, and administrative functions. This local presence will support Gazelle's efforts to establish floating offshore wind supply chain networks, leveraging local shipbuilding expertise in design, fabrication, and deployment.
"At August One, 'Investing in Good. For Good' means backing innovative companies like Gazelle Wind Power that push the boundaries of clean energy technology," commented Sameer Narula, Managing Partner of August One. "Through our Atlântico II fund, we're dedicated to supporting businesses from Portugal that make a real impact on planetary boundaries and align with the Sustainable Development Goals. Gazelle's groundbreaking approach to wind power shows immense promise for the future of renewable energy, and we're excited to support their journey and the exceptional team behind this innovation."
IMAGE: Gazelle Wind Power's next generation floating offshore wind platform. Images Courtesy: Gazelle Wind Power. (*NOTE: All Gazelle images are artistic impressions and purely for illustrative purposes.)
About Gazelle Wind Power:
Gazelle Wind Power Limited is accelerating the commercialization of the floating offshore wind market with its next-generation platform. Gazelle's solution is poised to become the benchmark for the industry with a design that is targeted to lower costs, enable local content, utilize pre-existing port infrastructure, and incorporate shipbuilding construction with modular assembly. The floating platform offers high stability and easy transport, installation, and maintenance while preserving fragile marine environments. The company is based in Dublin and Viana do Castelo and has a presence in Vigo and London.
For more information, visit www.gazellewindpower.com.
About Indico Capital Partners:
Indico Capital Partners is a leading independent Venture Capital fund manager based in Portugal, investing in Southern European-related global and sustainable technology companies. Indico funds invest in deep tech, software as a service, marketplaces, artificial intelligence, the Internet of Things, fintech, cybersecurity, web3 and ocean-related companies. Indico's range of investments goes, mostly, from Pre-Seed to Series B (100k and 10M euros) in Portuguese, Spanish and Italian-related startups. Indico is often the first investor in a startup and, given the teams' backgrounds, works very closely with portfolio companies. Since 2019, Indico has invested 92 million euros in 49 companies, which have raised more than 2 billion euros from global investors. For more information, visit www.indicocapital.com.
About DST Group:
DST Group is a Portuguese private corporation, with Engineering and Construction as its core business activity. Over the past few decades, DST Group has diversified its portfolio into areas such as Environment; Water, Telecommunications, Renewable Energies, Real Estate, and Venture Capital. Additionally, DST Group has successfully expanded internationally, with a presence in several countries, including France, Monaco, and the UK, among others. For more information, visit www.dstsgps.com.
About August One:
August One is a private investment firm and family office regulated by the MAS in Singapore and CMVM in Portugal. We empower Global South families by connecting them to developed market opportunities, creating lasting impact for families, communities, and the environment. In partnership with governments and family businesses, we invest in sustainable projects that enhance quality of life, growth, and respect for planetary boundaries. Our approach is guided by a commitment to learning, ownership, and well-being. For more information, visit www.august.one.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113592606/en/
Contacts:
Media Contact
For Gazelle Wind Power:
Wendy Prabhu Mercom Communications
US: +1.512.215.4452
UK: +44.203.617.1930
gazelle@mercomcapital.com
