Viana do Castelo, Portugal — May 28, 2025
In a remarkable leap forward for renewable energy innovation, Gazelle Wind Power, a pioneering Portuguese startup developing next-generation floating offshore wind technology, has secured an additional €2 million investment from Banco Português de Fomento (BPF), Portugal’s sovereign bank. This new tranche is part of the Deal-by-Deal Co-investment Programme and raises the total funding for Gazelle’s flagship “Nau Azul” pilot project to an impressive €18.8 million.
Gazelle Wind Power is rapidly establishing itself as a key player in the global offshore wind sector by pushing the boundaries of floating platform design, aiming to unlock wind energy potential in deep waters with higher efficiency, lower costs, and reduced environmental impact. This latest investment not only solidifies Gazelle’s financial runway but also signals growing institutional confidence in Portugal’s burgeoning clean tech ecosystem.
Floating Offshore Wind: The Next Frontier in Renewable Energy
Offshore wind energy has been a cornerstone of the global energy transition for years, but fixed-bottom turbines are limited to shallow waters, which restricts the potential of offshore wind farms. Floating offshore wind platforms are the game changers that enable turbines to be installed in deep waters — areas with stronger, steadier winds — dramatically expanding the energy resource base.
However, floating platforms come with significant engineering and economic challenges. They must be stable in harsh marine environments, easy to install and maintain, environmentally friendly, and critically, cost-competitive. Gazelle’s “Nau Azul” project is a bold attempt to address these challenges head-on.
Located near Aguçadoura, off the coast of Viana do Castelo in Northern Portugal, the “Nau Azul” (meaning “Blue Ship”) pilot is designed to demonstrate one of the world’s most advanced floating offshore wind platforms. By rigorously testing the platform’s capabilities in real offshore conditions, Gazelle aims to validate a modular, shipbuilding-inspired design that can be mass-produced locally, utilize existing port infrastructure, and scale globally.
The €18.8 Million Funding Milestone: What It Means for Gazelle
The freshly secured €2 million from Banco Português de Fomento complements the €16.8 million Gazelle had already raised, marking a significant milestone toward the company’s ambitious technical and commercial goals. For startups in the capital-intensive offshore wind sector, such funding is crucial to advance from prototype to real-world deployment.
Jon Salazar, Gazelle’s CEO, put it succinctly: “The support of a respected institutional investor like Banco Português de Fomento is a strong vote of confidence in our floating wind platform and its potential to unlock offshore wind globally.”
This confidence reflects more than just faith in the technology — it underscores a belief in Gazelle’s ability to contribute meaningfully to Portugal’s energy transition and blue economy ambitions. By leveraging modular design principles borrowed from shipbuilding, Gazelle is tackling high production costs and complex logistics that have traditionally plagued floating offshore wind development.
Gazelle’s platform is engineered for high stability, transportability, and ease of installation and maintenance — key factors that can dramatically reduce the Levelized Cost of Electricity (LCOE). Lowering LCOE is critical to making offshore wind competitive with other energy sources and accelerating global deployment.
Portugal’s Strategic Commitment to Clean Energy Innovation
Teresa Fiúza, Chief Investment Officer of BPF, emphasized that this investment aligns with the bank’s mission to promote sustainable technologies with significant economic impact: “By supporting Gazelle Wind Power, we contribute to accelerating the energy transition in Portugal and strengthening our country’s positioning as a hub for innovation in clean energy.”
Indeed, Portugal has been steadily carving out a reputation as a clean energy pioneer in Europe. With abundant Atlantic coastlines and favorable wind conditions, the country is an ideal natural laboratory for offshore wind innovation. Supporting companies like Gazelle helps build a vibrant blue economy, creates qualified jobs, and fosters sustainable development — essential ingredients for economic resilience in the 21st century.
BPF’s Deal-by-Deal Co-investment Programme is a strategic initiative under the Portuguese Recovery and Resilience Plan to boost investment in promising startups at various stages. By co-investing alongside private investors, BPF aims to fill critical funding gaps in the Portuguese entrepreneurial ecosystem, especially for capital-intensive deep tech projects such as Gazelle’s.
Venture Capital Backing and Ecosystem Synergies
Alongside BPF, Indico Capital Partners, a leading independent venture capital fund manager in Portugal, continues to back Gazelle with enthusiasm. Stephan de Moraes, Co-Founder and Managing General Partner at Indico, remarked, “Gazelle is progressing in its mission to launch Nau Azul, a full-scale demo at sea. This investment from BPF takes the company closer to being fully funded to execute the launch. We look forward to seeing it succeed.”
Indico’s involvement brings more than just capital; their experience investing in sustainable technology companies across Iberia positions them as invaluable strategic partners. Their portfolio includes startups specializing in AI, SaaS, fintech, IoT, and notably ocean-related deep tech — making them a perfect match for Gazelle’s ambitious offshore wind innovation.
This convergence of public and private capital illustrates the growing momentum behind Portugal’s clean tech ecosystem, where visionary entrepreneurs, dedicated venture investors, and national institutions collaborate to accelerate the country’s green transition.
The Technology Behind Gazelle’s Floating Platform: A Closer Look
What makes Gazelle’s platform a true next-generation solution? The company’s floating offshore wind platform integrates several innovative design features that tackle persistent challenges in the industry:
- Modular Construction Inspired by Shipbuilding: Gazelle leverages established shipbuilding techniques to enable modular assembly of the floating platform. This approach allows for local manufacturing, simplifies logistics, and reduces reliance on specialized offshore construction vessels.
- Utilization of Existing Port Infrastructure: Unlike many offshore wind projects that require purpose-built ports, Gazelle’s design is compatible with existing port facilities, facilitating easier and more cost-effective deployment.
- High Stability and Robustness: The platform is engineered for superior stability in rough sea conditions, ensuring turbine performance and structural safety while minimizing downtime.
- Reduced Environmental Impact: Traditional fixed and floating platforms can disrupt marine ecosystems during installation and operation. Gazelle’s design emphasizes minimal seabed disturbance and easier maintenance, mitigating ecological footprints.
- Lower Levelized Cost of Electricity (LCOE): By addressing manufacturing, transportation, and installation inefficiencies, Gazelle aims to deliver an economically competitive solution that can accelerate adoption worldwide.
The “Nau Azul” pilot project will provide crucial real-world data on platform performance, installation logistics, and environmental interaction — a necessary step before scaling commercial deployments.
Gazelle’s Geographic Footprint and Ambitions
Founded and headquartered in Viana do Castelo and Dublin, Gazelle Wind Power also maintains presences in Vigo, Spain, and London, UK — strategic locations that reflect its ambition to operate across Europe’s leading offshore wind markets.
Portugal’s northern coast offers ideal testing grounds for floating wind technology, with Atlantic wind conditions and relatively deep waters near shore. Success with the “Nau Azul” project could unlock vast offshore wind potential not only for Portugal but for Atlantic-facing markets worldwide.
By positioning itself as a technology leader, Gazelle is carving a space in a growing global market forecasted to reach hundreds of gigawatts in installed capacity over the next decade. The company’s vision aligns with accelerating decarbonization goals and rising corporate demand for renewable energy.
Why Floating Offshore Wind Is a Critical Piece of the Energy Puzzle
As the world races to achieve net-zero emissions by mid-century, offshore wind has emerged as a powerhouse solution. Fixed-bottom offshore wind farms have already proven their worth in Europe and parts of Asia, but their geographical constraints limit expansion.
Floating offshore wind platforms like Gazelle’s offer an elegant solution to these limitations. They enable turbines to be sited in previously inaccessible deep waters, capturing stronger, more consistent winds with higher energy yields. This translates into greater electricity production and a steadier renewable energy supply.
Moreover, floating platforms reduce conflicts with other coastal activities, such as fishing or tourism, and minimize visual impact since turbines can be located far offshore.
Challenges Facing Floating Offshore Wind — And How Gazelle Is Tackling Them
Floating offshore wind remains relatively nascent, with significant technical and economic hurdles:
- High Capital and Operational Costs: Complex designs and offshore installation contribute to elevated upfront expenses. Gazelle’s shipbuilding-inspired modular design aims to reduce these costs through local manufacturing and easier assembly.
- Complex Logistics: Transporting and installing large floating platforms require specialized vessels and precise coordination. Gazelle’s platform is designed for easier transportability and compatibility with existing ports.
- Environmental Concerns: Marine ecosystems can be disturbed by seabed anchoring and construction. Gazelle prioritizes ecological sustainability through minimal seabed impact and ease of maintenance.
- Supply Chain Constraints: Scaling floating offshore wind requires robust supply chains. Gazelle is building partnerships to foster local content and streamline production.
By addressing these pain points, Gazelle is contributing to lowering the Levelized Cost of Electricity — a critical metric that dictates renewable energy competitiveness.
Portugal’s Blue Economy and Job Creation
Beyond energy, Gazelle’s project dovetails with Portugal’s broader blue economy strategy, which seeks sustainable economic growth from ocean resources. The investment supports qualified job creation in engineering, manufacturing, marine sciences, and technology sectors.
This alignment between corporate innovation and national economic strategy is vital to ensuring that the energy transition also benefits local communities and fosters long-term prosperity.
What’s Next for Gazelle and the Offshore Wind Sector?
With the fresh injection of capital, Gazelle Wind Power is set to accelerate construction and testing of the “Nau Azul” pilot, aiming for a successful demonstration that can pave the way for larger commercial-scale projects.
The company’s progress will be closely watched by industry stakeholders, policymakers, and investors eager to see scalable solutions that can unlock deep-water wind energy potential.
Success for Gazelle could serve as a blueprint for other emerging floating offshore wind developers, reinforcing Portugal’s position on the clean energy innovation map and encouraging further investments in the sector.
About Gazelle Wind Power
Gazelle Wind Power Limited is a trailblazer in floating offshore wind technology, advancing the commercialization of innovative platforms designed for lower cost, local content, and environmental sustainability. Headquartered in Viana do Castelo and Dublin, with offices in Vigo and London, Gazelle’s modular design leverages shipbuilding expertise and existing port infrastructure for efficient, scalable deployments.
For more details, visit www.gazellewindpower.com.
About Indico Capital Partners
Indico Capital Partners is a top independent venture capital fund based in Portugal, focusing on Iberian startups in deep tech, SaaS, AI, fintech, cybersecurity, and ocean-related technologies. Since 2019, Indico has invested over €100 million in 51 companies, which have collectively raised more than €2 billion globally. Indico’s hands-on approach supports startups from pre-seed through Series B.
Learn more at www.indicocapital.com.
About Banco Português de Fomento
Banco Português de Fomento (BPF) is Portugal’s sovereign development bank, dedicated to strengthening the financial resilience of the business sector through strategic financing programs. As the implementing partner for key European and national investment initiatives, BPF supports startups, SMEs, and major corporations, fostering economic growth aligned with green and digital transitions.
Discover more at www.bpfomento.pt.
About the Deal-by-Deal Co-investment Programme
Managed by BPF, the Deal-by-Deal Co-investment Programme supports early and later-stage Portuguese companies by co-investing alongside private investors. It aims to bridge financing gaps, promote business growth, and strengthen Portugal’s economy amid green and digital transformation goals.
More information at: Deal-by-Deal Programme.
Final Thoughts: Gazelle’s Role in Shaping a Sustainable Future
As global energy systems evolve, companies like Gazelle Wind Power embody the innovation and grit necessary to make renewables not just an alternative, but the dominant source of power. Their vision of modular, cost-effective floating offshore wind platforms could revolutionize how we harness ocean winds, bringing sustainable energy to deeper waters and powering millions of homes.
The commitment from both public and private sectors reflects a shared understanding that climate change demands bold technological advances paired with strategic investments. Gazelle’s journey from Viana do Castelo to the forefront of the floating offshore wind revolution is a story to watch — one that holds promise for cleaner, greener, and more resilient energy landscapes worldwide.
If you’re following renewable energy innovations, Gazelle Wind Power’s progress is a must-watch. Their success could herald a new era in offshore wind, transforming Portugal into a powerhouse of sustainable marine energy and inspiring global replication.
Keywords: Gazelle Wind Power, floating offshore wind, offshore wind technology, renewable energy Portugal, floating wind platform, renewable energy investment, Banco Português de Fomento, offshore wind pilot project, blue economy Portugal, modular floating platform, Levelized Cost of Electricity, energy transition, clean tech startups Europe, Indico Capital Partners.
