Azelio signed a Memorandum of Understanding (MoU) with Hussein Atieh & Sons Co. (HAE) to jointly establish a small-scale project in Jordan. The project is intended to pave the way for commercial collaboration on Azelio’s energy storage technology in Jordan totalling around 25 MW by 2023.
At present the impact on Azelio is relatively mild, but travel restrictions mean that we cannot work at the pace nor from the places we planned for in all of our projects. Given the Swedish authorities set travel restriction to at least June 15 and the uncertainty in the development of the coronavirus, Azelio has adapted projects and optimized costs to extend its time plan with one quarter. Thereby the company's working capital is estimated to be sufficient for another quarter compared to what was previously communicated, until December 2020. The need for the next financing is thus extended accordingly.