Arrow scroll

The year in brief

About Azelio 

Sustainable energy for all

Sustainable and reliable energy at a competitive price is crucial for both the environment and long-term growth. Unfortunately, access to sustainable energy is unstable in many parts of the world. Azelio's solution enables access to renewable energy as electricity and heat when and where it is needed. Our technology stores energy from solar and wind power and then makes it available as electricity and heat around the clock, at a very competitive cost. In this way, people, communities and business can be developed sustainably.

A large and growing market

By efficiently storing renewable energy in areas without a stable grid, Azelio is addressing a very large market. Today one billion people live without access to a grid, with even more living in areas where the grid is unstable. People are then to a large extent dependent on diesel generators, a technology that is both dirtier and more expensive than Azelios. After having successfully demonstrated the storage technology in 2018 and having continued to develop it since, Azelio has received expressions of interest from potential customers for more than 3.9 GW – representing an order value of up to SEK 170 billion.

Market place with lights

Azelio logo


Azelio's renewable energy storage 

Lars Thunell, board member and investor in Azelio, about the advantages of Azelio's unique storage technology of thermal energy with the production of sustainable electricity during all hours of the day. 
Duration: 02:07

Azelio verification project

A groundbreaking solution

Azelio’s solution stores energy in the form of heat in an aluminium storage facility. Heat is then taken from the storage facility on demand and delivers heat and electricity via a Stirling engine at all hours of the day at a competitive cost. The total efficiency can reach up to 90 percent. Azelio's storage technology can be connected to solar and wind power systems, for example, and allow for sustainable electricity delivery when needed at any hour. The system is modular and can be combined into customised units to supply, for example, a hospital, factory or small community with sustainable energy.

Moving from innovation to industry

Azelio continues to following a clear plan to industrialise and commercialise its innovation globally. Thereby laying the foundation for a significant new Swedish industrial company. We are making the move from innovation to industry together with large, well-established global partners as Masen, the Moroccan Agency for Sustainable Energy, which has responsibility for Morocco’s ambitious targets for renewable energy. Another such partner is Masdar, based in Abu Dhabi, which is one of the world’s foremost companies in the development, establishment and operation of renewable energy systems. 

An important milestone for the company is to verify the system for obtaining verification data that makes it easier for customers to finance projects using Azelio's technology. The verification will take place from Azelio's recently installed system at one of the world's leading solar power stations, Noor located in Morocco and owned by Azelio's partner Masen as well as from the company's installation in Sweden. Later in 2020 also in Abu Dhabi. Due to the current corona situation and travel restrictions, the verification will initally focus on data from Sweden. These verifications pave the way for the start of serial production in Azelio's factory in Uddevalla in 2021.

Azelio solar energy system

Significant events

Azelio develops technology for charging the storage unit using electricity

During the year, Azelio further developed its unique technology to enable the storage system to be heated with both concentrated solar power and with electricity. As a result, Azelio’s solution can improve the productivity of installed or planned photovoltaics and wind power – for delivery on demand, around the clock. The solution can also be used to take advantage of periods when demand – and thus the price of electricity – is low to charge the storage.

With Azelio's technology, total system efficiency can reach a full 90 percent from energy to energy, since the storage solution produces both electricity and heat at a temperature of around 55–65 degrees Celsius.

Expressions of interest increase to represent an order value of SEK 170 billion

Following the expanded energy storage solution, Azelio reviewed its previous expressions of interest and also received new expressions of interest from customers. In autumn 2019 expressions of interest were estimated to amount to around 3.9 GW, representing a potential order value of up to SEK 170 billion – many times higher than the previous assessment of 1 GW, which represents an order value of up to SEK 50 billion. It should be noted, however, that these expressions of interest are not orders and that the number of expressions of interest exceeds the company’s expected production capacity over the next five years.

Memorandums of Understanding for capacity of 159 MW

During the year Azelio signed four Memorandums of Understanding (MoU) for facilities with a combined capacity of around 159 MW. The MoUs were signed in the USA and in prioritised markets in sub-Saharan Africa and the Middle East. Various MoUs have been signed with project development companies for the express purpose of starting long-term partnerships.

The most comprehensive MoU relates to around 120 MW – representing around 9,000 units – and was signed with Biodico, Inc. of California. The first project is expected to be taken into operation in 2021 and will act as a model for future projects in California. Biodico, Inc. is working to create environmentally friendly biofuel production plants that are operated locally using renewable resources.

Verification projects in Sweden and Morocco

Together with Masen (the Moroccan Agency for Sustainable Energy), Azelio took two units into operation in December 2019 at the Noor solar power complex in Morocco. The company also commissioned its own similar project in Åmål, Sweden, next to the company’s development centre. The units will be used in the verification project aimed at enabling customers to finance projects using Azelio’s technology. The project starts with optimising the system, after which a third party is engaged to record operating data. Data from operation in a real environment is essential for financing these types of projects, and also enables more reliable investment calculations to be made. 

SEK 350 million rights issue

Azelio has completed a rights issue which raised around SEK 350 million before transaction costs. The share issue was oversubscribed, with a total of 72 percent of the issue being subscribed for on the basis of subscription rights and the remainder by parties without rights. The result of the new share issue was announced on 30 December and the proceeds were received in January 2020.

Group key figures

JAN–DEC 2019
JAN–DEC 2018
Net sales, SEK 0001 6701 942
Operating profit/loss, SEK 000-160 510-91 749
Profit/loss for the year, SEK 000-160 897-92 004
Earnings per share, SEK-3,80-3,54
Equity, SEK 000710 374561 717
Equity/assets ratio, %82%85%
Cash flow from operating activities, SEK 000-129 853-35 774 
Cash and bank, SEK 00055 634331 196

Technology developed so that storage facility can be charged using electricity

Azelio achieved a technological breakthrough during the year, allowing the company’s thermal energy storage solution to be charged not only using concentrated solar power but also using electricity. This development of the technology means that Azelio’s energy storage solution can now be used together with established and widespread technologies within renewable energy, such as photovoltaics and wind power.

The breakthrough opens up large new markets since photovoltaics and wind power have been widely adopted around the world, and also because Azelio’s storage can be used together with existing solar and wind turbine facilities. It also makes it attractive in geographical markets such as India, where the conditions for photovoltaics and wind power are good but where concentrated solar power does not provide sufficient energy to create an economically sustainable system. Azelio's technology can also be connected to existing grids to manage imbalances in electricity prices and output – in many parts of the world this is becoming an ever greater issue.

The technology developed also allows total system efficiency of up to a full 90 percent from energy to energy, since the storage solution can generate both electricity and heat at a temperature of around 55–65 degrees. With earlier technology it was difficult to utilise the heat.

The need for a fast global transition to renewable energy means that there is large and rapidly increasing demand for energy storage. In many more contexts than before, Azelio’s technology can be the most competitive solution for distributed and dispatchable electricity production for around the clock use.

Solar panels in the desert

Partner network

Azelio's strategic international partnerships

Read more about our partners

Financial information

Administration report

Read more about our business