Energia
Azelio's Verification Project in Morocco Delivers First Electricity
Today there are two modules on the site, consisting of energy-storage units as well as units designed to convert stored heat to electricity which is then used to boost the thermal energy storage. The modules also comprise a Stirling engine which converts the heat energy stored to sustainable and dispatchable electricity around the clock. The storage units will be charged with the help of electricity generated by 1 000 square metres of solar panels.
The aim of the verification project is to generate data showing the technology's performance levels in a real-world environment over the coming months. This means that the technology will become bankable since Azelio's customers will be able to use this data to seek funding for projects involving Azelio's technology.
Peter Gabrielsson , Vice President Operations at Azelio.
Azelio CEO Jonas Eklind says:
Earlier today, Azelio announced that the rights issue for which the subscription period ended on December 23, 2019 , was oversubscribed. The company will thus receive approximately SEK 350 million before deduction of transaction costs. The funds will finance the company's ongoing operations and the commercialization of its thermal energy storage technology and Stirling-based sustainable electricity generation.
For further information, please contact
Jonas Eklind - CEO
E-mail: jonas.eklind@azelio.com
Tel: +46-709-40-35-80
About Azelio
Azelio is a public Swedish company that specialises in Stirling-engine-based power solutions involving the storage of thermal energy for the production of sustainable electricity on demand. The technology is revolutionary owing to its adaptability, allowing it to operate in systems that include other renewable solutions, and also on account of its unique capacity to store the power for a lengthy period at a low cost for the production of electricity at nominal power for 13 hours. The company has over 160 employees, is headquartered in Gothenburg , has production facilities in Uddevalla, development centres in Gothenburg and Åmål, as well as international offices in China , Spain and Morocco . Since its establishment in 2008, the company has invested over SEK 1 billion in the technical development of the Stirling engine and energy-storage solution. In June 2018 , the company changed its name from Cleanergy to Azelio, and in December 2018 it was listed on Nasdaq Stockholm First North. FNCA Sweden AB is the company's certified adviser: +46(0)8-528 00 399, info@fnca.se.
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