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The year in brief

Summary of the company

Access to electricity is essential for successful development in society. Today more than a billion people lack access to electricity and even more have an unreliable connection to the grid. The majority of them live in regions where a supply of energy from the sun is the greatest source. The problem is that the technology up to now has placed an economic limitation on solar power due to it only being used during the hours the sun is shining. When the sun has set – at the time when demand for electricity is its highest – demand for continuous baseload power is instead met by expensive and heavily polluting diesel generators.

Azelio has a unique solution for storing thermal energy (heat), thereby using the sun as a heat source to produce sustainable electricity via a Stirling engine. This can be done cost-effectively 24 hours a day. The solution is distributed and is therefore not dependent on a connection to an existing electricity grid. The stored heat can be drawn out of storage at any time and transferred to the Stirling engine, which converts it into electricity with high efficiency of around 30%. The system is emissions-free and the energy storage medium is an aluminium alloy that does not lose capacity or become degraded over time and can be recycled in future installations.

Due to its scalability, Azelio’s solution is cost-effective from as low as 0.1 MW up to 100 MW. Due to its ability to effectively store heat and produce electricity 24 hours a day, the solution enables reliable and sustainable electricity production. The solution can largely replace the diesel generator as a source of continuous and distributed baseload power.

Azelio’s customer groups include small communities, factories, hospitals, industrial parks etc. with no connection to an electricity grid, or that have a weak connection but need a continuous and reliable electricity supply. Here, Azelio’s solution can make a significant difference in terms of both reduced emissions and lower costs.

Desert landscape with Azelio tower

June 2018: Demonstration of storage solution

Significant events during the year

Expanded partnership with Masen

At the beginning of 2018, Azelio (then called Cleanergy) signed an intensified partnership agreement with Masen (the Moroccan Agency for Sustainable Energy) involving product development, verification and commercialisation. Masen has a key role to play in the industrialisation of the Company’s products and also has a representative on Azelio’s Board of Directors.

Heavily oversubscribed private placement and name change

In June Azelio completed an oversubscribed private placement worth SEK 105 million. The Company also changed its name from Cleanergy to Azelio to strengthen its unique position in the global market where several companies already exist with “clean energy” or similar wording in their name.

Demonstration of storage solution

At the end of June Azelio held a public demonstration of its storage solution at the Company’s development facility in Åmål with good results. During the demonstration the storage medium was heated using a heating element and the heat was then converted into electricity via the Stirling engine. The demonstration event was well attended by both current shareholders and the media. Following the demonstration in June, enquiries about Azelio’s unique solution have been received from a total of 52 countries with 110 projects for a potential order value of SEK 50 billion.

In order to handle the enquiries and advance the business, Azelio has hired Dr. Ralf Wiesenberg as VP Business Development. With 22 years in the energy industry and 10 years in concentrated solar power and thermal storage, Ralf brings extensive experience to support Azelio’s global advance and commercial development.

Listing on Nasdaq First North

On 10 December Azelio was listed on Nasdaq First North during a period of great uncertainty on the stock exchange. The share issue in connection with the listing injected SEK 242 million into the Company before issue costs. The listing also brought around 2,200 new shareholders into the Company, including a number of strong and long-term institutional investors.

Time Square Billboard Nasdaq Introduces Azelio

December 2018: Azelio is listed on Nasdaq First North

Azelio iN FIGURES 2018

Profit/loss for the period improved to:



Income1) for the period amounted to



1) including own work capitalised
Cash flow increased to:



Organisational development

Marika Olsson, HR, comments on the organisational development: 

”In 2018 we continued building our internal values and closer relationships with our employees. The key factor for our success during the year and for future development is committed and target-oriented employees. Our ability to attract and retain talent is a strong competitive advantage as the shortage of people with the right expertise is one of the greatest challenges for success and growth. In 2018 we recruited several individuals with key competencies to the Company. This is a very important aspect of our business plan" 

Our values were important throughout the recruitment process in 2018
Commitment: Drive, passion and delight in what we are creating are important for us in our organisation.
Innovation: Our courage, curiosity and inspiration are what drive us forward
Teamwork: We work together, encourage each other and include everyone.
Sustainability: Commitment, innovation and teamwork all support a sustainable future and a sustainable workplace.

Marika Olsson, HR

"There is an increased interest in and willingness to contribute to a sustainable future and to work with sustainable energy. More and more highly qualified candidates are interested in the services we intend to offer and we are also seeing increased general interest, more people contacting us and asking questions, more spontaneous job applications and more students wanting to work on their thesis in cooperation with Azelio.

We continue to strive to achieve a good balance in terms of age, gender and ethnicity. Of the 21 new employees in 2018, six are women and a further five women will join the Company in the first quarter of 2019, which is an increase of 55% compared with 31 December 2017.

The fact that our brand is associated with a sound corporate culture, good health and respect for people is an important advantage in attracting the right talent. Our aim is to create a workplace where everyone can develop and be challenged, feel secure and have the right opportunities. We aim to maintain and develop a corporate culture characterised by a high ceiling, short decision paths, teamwork and opportunities for constant development. It is important for our employees to contribute and to develop while also maintaining a work-life balance. Our attendance rate in 2018 was a full 96%.

Our faith in our employees equips us for the future and creates an organisation that is ready to take on challenges. We want to be even better.”

 - Marika Olsson, HR 

Partner network

Azelio's strategic international partnerships

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Administration report

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