Annual report 2020
Azelio and Svea Solar signed an MoU to jointly develop projects in Sweden using Azelio’s energy storage unit TES.POD®, related to PV systems. The MoU spans over at least three projects in 2021, five projects in 2022, and ten projects in 2023, making a total of 8 MW of installed power and more than 100 MWh in equivalent storage capacity.
Azelio carried out a directed issue of 10,638,225 new shares, corresponding to approximately 10 percent of the total number of outstanding shares, at a subscription price of SEK 56 per share. Through the new share issue, the company received approximately SEK 596 million before transaction costs. The funds will be used to finance the continued industrialization of Azelio’s technology for thermal energy storage (TES) and Stirling-based electricity production, with the aim of starting series production during the third quarter of 2021, as well as to be able to finance further development projects and other general business purposes.The new share issue entails a dilution effect of approximately 9.2 percent of the share capital in relation to the number of shares in Azelio after the issue, through an increase in the number of outstanding shares by 10,638,225, from 104,380,296 to 115,018,521, and an increase in the share capital by SEK 5,319,113, from SEK 52,190,150 to SEK 57,509,262.
Azelio received an order for two units of its energy storage TES.POD® from the Swedish company Industrisupport i Åmål AB. The units will store surplus energy from a solar cell plant of 446 kW and make this energy available around the clock as electricity and heat. The installation will increase the Swedish company’s use of renewable energy by 24 percent and thereby reduce emissions from energy use by 168 tonnes of carbon dioxide per year.