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Gazelle Wind Power

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Gazelle Wind Power was founded to license a unique technology for a floating offshore wind platform.

296%
 - 
Funded 21 Mar 2022
€1,300,003 target
€3,869,264 from 1,407 investors
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Business overview

Location D04 TR29, Dublin, Ireland
Social media
Website www.gazellewindpower.com
Sectors Energy Non-Digital B2B
Company number 683798
Incorporation date 3 Dec 2020
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Investment summary

Type Equity
Valuation (pre-money) €54.9M
Equity offered 6.56%
Tax relief N/A
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Business highlights

  • A revolutionary platform design that reduces the cost of energy.
  • Designed especially for floating offshore wind.
  • Capable of supporting all main Wind Turbine Generators.
  • Mass produceable from existing port and manufacturing facilities.
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Key features

  • Secondary Market
  • Seedrs nominee min. €11.61 +

Idea

Introduction

Gazelle Wind Power was founded to exploit patented technology for a unique floating offshore wind platform that significantly reduces the weight, size, and cost of existing floating platforms and mooring systems.

Gazelle Wind Power plans to license the technology to energy Project Developers, EPCs, or Wind Turbine OEMs, for the construction, installation, and operation of floating wind platforms globally.

Photo: An illustration of the Gazelle platform in situ. For confidentiality purposes, patent-protected features are not shown.

We estimate that the Gazelle platform could offer significant (30%) cost savings over currently deployed platforms whilst minimizing the environmental impact on the sea bed.

The company is now finalising preparations to build a 2-megawatt demonstrator plant at a development site in the Canary Islands. The platform design also has the potential for adjacent applications and upstream and downstream expansion.

Substantial accomplishments to date

Dr Antonio García developed and patented Gazelle’s innovative mooring system and hull structure for a 2 MW wind turbine. The concept was validated independently by Safier Ingenieri using OrcaFlex software.

Gazelle patented the unique mooring and hull geometry system.

Basin tests were performed in October 2019 at the Technical University of Naval Architects of the Polytechnic University of Madrid (CEHINAV) for a 2 MW model FOWT.

Photo: In December 2021 at IHCantabria's basin testing facilities.

The first basin test model was at 1:100 scale and 2nd at 1/65th scale. The models were tested for two modes: operational (with the rotor exposed to wind thrust) and survival (with the rotor turned off due to wind overspeed). All testing met expectations from software simulations.

The 2MW demonstrator design is now ready for procurement.

An extensive team of partners for the project has been agreed upon including, Vestas, Bridon-Bekaert, Maersk Supply, and Safiere Ingeniere.

Gazelle Wind Power was named a finalist in the 23rd annual S&P Global Platts Global Energy Awards in two categories: Emerging Technology of the Year and the Rising Star Company Award.

Photo: Gazelle was the winner out of more than 1800 entrants at the Water, Energy, and Food innovation final at Expo 2021 in Dubai.

Video: Here, Adrian Haworth, Senior Market Strategist with Gazelle Wind Power, explains why he is convinced it is right to move to wind power.

Monetisation strategy

Gazelle’s business model is based on licensing its patented technology to Floating Offshore Wind project developers based on a percentage of platform cost. The license fee will cover the amortisation of technology development costs together with bespoke engineering for each project development and further R&D in the platform structure.

As a licensor there is no significant barrier to scale, and the intent is to scale with the market. There is a clear opportunity to increase penetration beyond the forecast 10% in line with market shares of the major wind turbine manufacturers.

It is expected that the platform design will be specified by project developers and Gazelle intends to develop account management structures to be in place to manage the relationship with the relatively small number of major developers, globally.

Use of proceeds

Gazelle’s money is primarily being spent on the engineering design and development of its unique floating platform technology, DNV certification of the technology, project management of the 2MW demonstrator (including supply chain partners), marketing, strategy and PR, equity fund-raising, finance and admin.

Demonstrator Project
Design Engineering 17%
Project Management 6%
Sourced Equipment 38%
Gazelle Platform and mooring 21%
15MW Design
Engineering 13%

PR/Marketing 3%
Accounting & Legal 2%

Key Information

Strategic long-term finance

The company has €9.7M in supplier finance to cover the engineering work until July 2023 to build the 2MW demonstrator project in the Canary Islands and cover the cost of the design engineering through to a 15MW commercial unit. The value of the strategic funding being provided ranges between €300,000 and €380,000 per month. This is an unsecured, long-term investment in Gazelle with no expiration date, and Gazelle is entitled to cancel these contracts at any time if it is not satisfied with the work of the suppliers. The suppliers are willing to provide funding with the expectation of future contracts with Gazelle for global project deployments.

Share classes

The company currently has 2 classes of shares, Ordinary shares and B shares. Seedrs investors in this round will be receiving Ordinary shares.

The rights attached to the share classes are as follows:

Ordinary shares:
Full voting rights

Ordinary B shares
No voting rights

Investors benefit from Broad-Based Weighted Average Ratchet anti-dilution protections, which is activated if shares are issued at 50% less than the Investors' subscription share price.

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If you successfully purchase a share lot of this business, you will be granted access.

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If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

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Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from €54,894,596

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

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Payment options

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Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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