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Azelio as an investment

Addressing a large and growing market

Access to renewable and reliable energy at a competitive price is crucial for the sustainable development of communities, as well as for the environment. At the same time, distribution of renewable energy is lagging behind in many countries. A billion people currently live without access to a grid and even more do not have a stable electricity supply. Electricity shortages inhibit both social and economic development and have therefore been addressed by the UN and other organisations as a key area for change by 2030. 

Azelio’s solution can provide everyone with access to competitive renewable energy when needed. There is a great need and the demand exists. Already the company has received qualified expressions of interest representing 3.9 GW, or SEK 170 billion in potential order value. By efficiently storing solar and wind energy as heat and then making it available as electricity and heat at a competitive price around the clock, Azelio aims to make a strong contribution to the world achieving the UN’s global goal of sustainable energy for all.

Groundbreaking solution for stable baseload generation from sun and wind without dependence on a grid

Azelio’s groundbreaking solution generates stable and sustainable energy and has the capacity to replace diesel for baseload generation in micro grids based on photovoltaics and wind power, for example. The high efficiency of the system means that it can also be used to balance out existing grids.

  • The system stores energy in the form of heat in a storage facility made of recycled aluminum; a Stirling engine then converts this into electricity and heat when it is needed. The storage facility is designed to deliver 24 hours a day, with sufficient production for 13 hours at full output or for longer when adapting to fluctuations in demand. The system has a total efficiency from energy to heat and electricity of up to 90 percent.
  • The solution is economically and environmentally superior to the diesel generators that are currently used in micro grid systems, and is excellently suited as a complement to photovoltaics and wind power – providing cover for when the sun does not shine or there is no wind. Azelio thus improves the productivity of established installations and technologies.
  • The solution is completely emission-free, consumes no water or salt, is made of recycled aluminium that does not degrade over time and uses no rare-earth elements.
  • The system is modular and can be combined to form larger units that are economically competitive from 0.1 MW to 100 MW – sufficient for a hospital, factory, mine or small community, for example.

Gearing up for a global market

Azelio has designed its solution for a global market – using production principles, suppliers and methods taken from the automotive industry. The units can be produced in volume, are easy to manage in the field and are cost-effective even for small installations.

Series production is to start in 2021 and is being carefully prepared for. The initial production capacity will be 23,000 units, representing sales of around SEK 15 billion. The capacity of the Uddevalla factory, which previously belonged to Volvo Cars, can be doubled.

Moving from innovation to industry

Azelio is following a clear plan to industrialise and commercialise its innovation globally, thereby laying the foundation for a significant new Swedish industrial company. The company is in an investment period and expects to achieve sales of SEK 1 billion within a few years. In the long term profitability should exceed an EBIT margin of 15 percent.

An important interim goal in 2020 is to verify the system in real environments, which is being carried out in Morocco in cooperation with the company’s strategic partner Masen and also in Sweden and Abu Dhabi. This verification will make it easier for customers to finance projects that use Azelio’s technology. The installation in Morocco at one of the world’s biggest solar farms, Ouarzazate Solar Power Station, was completed and delivered electricity in December 2019.

The step from innovation to industry is being taken together with large established partners such as Masen and Masdar, supported by subcontractors familiar with the exceptionally high requirements of the automotive industry. Azelio is well equipped for the future.

Azelio is following a clear plan to industrialise and commercialise its innovation globally, thereby laying the foundation for a significant new Swedish industrial company.

Ownership structure

On 13 January 2020 Azelio had 7,808 shareholders. The largest shareholder was Kent Janér along with related parties and companies (Blue Marlin), with around 19.1 percent of the capital and votes.

NameShareholding,  %
Blue Marlin AB / Kent Janér19.12%
Bank Lulius Baer & Co Ltd, W8IMY 7.08%
Deutsche Bank (Suisse) S.A, W8IMY4.51%
SEB AB, Luxembourg Branch, W8IMY3.76%
Ilija Batljan3.61%
Goldman Sachs International Ltd, W8IMY3.33%
Byggmästare AJ Ahlström Fastighet2.68%
Försäkringsaktiebolaget, Avanza Pension2.52%



Azelio shares have been listed on the Nasdaq First North Growth Market since 10 December 2018. In 2019 the share rose by 23 percent and closed at SEK 12.00. The highest trading price was SEK 15.76 and the lowest SEK 6.66. In total, 20.5 million shares were traded during the year with a combined value of SEK 224.4 million, which means that 48 percent of the shares changed hands during the year.

Share capital and capital structure

Azelio’s share capital as at 31 December 2019 amounted to kSEK 21,174 which was represented by 42,347,495 shares, corresponding to a quota value of approx. SEK 0.50. After the closing date a rights issue which raised SEK 350 million before transaction costs was registered, increasing the share capital to SEK 45,876,000 and the number of shares by 49,405,405 shares to a total of 91,752,900.

At the end of the period there were 39,626,667 warrants, of which 60,000 are in the process of registration, issued in seven different series with exercise prices of between SEK 10 and SEK 130. Full conversion of these warrants would increase the number of shares by 4,196,667. The programmes are described on the company’s website

Dividend policy

The company has so far not paid any dividend.

Any future dividend and the size thereof will be determined based on long-term growth, earnings trends and capital requirements. It is the view of the Board of Directors that the company should prioritise the development of the company’s system, and until the future commercial launch of the system the financial resources should mainly be used to fund the company’s business, research and development plans. In view of Azelio’s financial position and negative earnings, the Board of Directors does not intend to propose any dividend until the company generates long-term sustainable profits and positive cash flow. Where a dividend is proposed, it is to be balanced with respect to the business risk in the operations.


Comment from CEO Jonas Eklind

More about this year's achievements

FInancial information

Administration report

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