Annual report 2020
Azelio offers a system – TES.POD® – of thermal energy storage and controllable electricity production on demand, 24 hours a day. The company owns all unique product design for the system and has several patents that protect the solution. Azelio performs final assembly of the Stirling engine at its own plant, while subcontractors produce the system’s components and assemble the storage unit and other subsystems.
Azelio plans to be able to use two distinct business models, depending on the commercial conditions and project-specific requirements. Initially, Azelio may run and own projects jointly with partners in order to establish the solution in the market. Once TES.POD® is established and proven, Azelio will act as a technology provider that sells the technology and trains others in how to design successful projects.
Azelio’s system is offered to customers on the global energy market with an initial focus on installations of 0.1 MW to 20 MW and longer term of projects up to 100 MW. Azelio is focusing mainly on selling systems to EPC contractors (project development companies), which are then responsible themselves for installation and commissioning. At first, Azelio will participate actively in installations in order to train EPC contractors so that they can subsequently independently design, install and maintain systems.
Azelio’s revenue model depends on commercial and project-specific circumstances. Initially, Azelio may run projects jointly with partners, but it then intends to switch to being a technology provider that sells systems.
Once the system is established in the market, Azelio will use a revenue model based on system sales. In the aftermarket phase, a revenue model in the form of service fees will be used, with recurring revenue received for system monitoring, servicing and maintenance.
Azelio’s goal is to drive the transition to green energy by storing renewable energy that is then made available when and where it is needed, 24 hours a day, at a low cost. Since 2016, Azelio has been working according to a clear plan to achieve this.
To date, the company has followed and even exceeded this plan.
2020 - goals and goal follow-up
Continue to sign MoUs with customers and convert them into commercial orders.
Azelio signed seven MoUs during the year and also received its first commercial order.
Verification data presented from the company's verification projects.
During the year, Azelio generated verification data that was presented to customers, and that also formed the basis for the company securing its first commercial order.
2021 - goals
Continue to sign agreements with customers and convert Memorandums of Understanding into comercial orders.
Begin series production and start larger commercial projects.
Azelio has the following goals for annual production of the company’s Stirling engine:
First 12 months from start: 4,000 units
2022: 6,000 units
2023: 17,000 units
2024: 35,000 units
The company aims to achieve an EBIT margin in the long term of at least 15 percent.
Meet the people behind the company
Read about Azelio's 2019