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Floating wind technology developer Gazelle Wind Power has entered into a strategic agreement with the Portuguese conglomerate dstgroup, which will see dstgroup’s corporate venture capital firm, dstventures, investing EUR 1.5 million in Gazelle.
Furthermore, dstgroup’s steel engineering and manufacturing subsidiary, bysteel, will fabricate and construct the modular steel structures for Gazelle’s Nau Azul floating wind demonstration project in Aguçadoura, Portugal.
“Our partnership with dstgroup marks a pivotal step in accelerating the commercialization of floating wind systems across Iberia. Their experience in scaling industrial ventures and innovative approach to new business ventures gives Gazelle the momentum we need to quickly advance our technology” , said Gazelle Wind Power CEO, Jon Salazar .
“Combined with bysteel’s innovative approach to industrial scale production and design, we’re developing cost-effective offshore wind platforms that can be scaled for large-scale commercial deployments.”
Gazelle revealed plans for the 2 MW pilot project in 2023, when the company partnered with the Portuguese renewable energy developer WAM Horizon. In November 2024, Gazelle secured EUR 11.4 million through a funding round to further accelerate the Nau Azul demo project, and in April this year, the company was issued a 10-year permit by Portugal’s Directorate-General for Natural Resources, Safety and Maritime Services (DGRM) for its floating wind demonstrator project.
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In May this year, the floating wind tech developer secured further EUR 2 million through an investment closed with Banco Português de Fomento (BPF) via the Deal-by-Deal Co-Investment Programme, in partnership with Indico Capital Partners.