Energia
Azelio Initiates Collaboration in Oman
Based on the outcome of the feasibility study, financial terms for this initial project and following projects will be determined. Azelio will receive some revenue from the initial project but it is primarily of strategic importance.
Oman has set a target for renewable energy to cover 30 per cent of its electricity demand by 2030, of which solar power is expected to account for a large share. Moreover, major industrial companies in the private sector are switching away from conventional sources to renewables for power procurement, with several Independent Power Producer (IPP) contracts being awarded recently.
In this context, Al Mashani is interested in deploying Azelio's equipment both in on-grid and off-grid settings. Both companies aim through their collaboration to offer a reliable solution for expanding the use of solar energy beyond sun hours, essential for the full adoption of renewable technologies by industrial customers.
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Azelio is a public Swedish company, specializing in thermal energy storage with dispatchable Stirling-based electricity production when and where it is needed, modular and to a low cost. The technology is revolutionary for its unique ability to store thermal energy for production of electricity at nominal effect for 13h. The company has well over 100 employees, headquartered in Gothenburg with production facilities in Uddevalla and development centres in Gothenburg and Åmål in Sweden , as well as international presence in China , Spain and Morocco . Since the start in 2008, the company has invested over one billion SEK in technical development. In June 2018 , the company changed its name from Cleanergy to Azelio and in December 2018 the company was listed on Nasdaq Stockholm First North. FNCA Sweden AB, +46(0)8-528-00-399, info@fnca.se, is Certified Adviser.
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