Arrow scroll

Azelio as an investment

Addressing a large and growing market

Access to clean and reliable energy at a competitive price is crucial for the sustainable development of society and the environment. Demand for green electricity is increasing in the developed part of the world in pace with large parts of society being electrified. At the same time, nearly a billion people live without access to a grid and even more do not have stable electricity supply. Now that the price of renewable sources of energy is also declining, this is not only stimulating demand but also increasing the pressures on the grid, since the supply of sun and wind is not dictated by our need of electricity.

Azelio’s solution can provide everyone with access to competitive renewable energy when and where it is needed. There is a great need and the demand exists. The company has already received qualified expressions of interest representing 3.9 GW, or SEK 170 billion, in potential order value, and MoUs with combined projects corresponding to about one tenth of this total.

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 create a new Swedish industry and make a strong contribution to the world achieving the UN’s Sustainable Development Goal of clean energy for all.

Ground-breaking solution for stable baseload generation from sun and wind without dependence on a grid

Azelio’s ground-breaking 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 at 600 degrees Celsius in a storage facility made of recycled aluminium; a Stirling engine then converts this into emission-free electricity and heat when it is needed. The system is designed for use around the clock and 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 many places, 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. The solution thus improves the productivity of established installations and technologies.
  • The solution is completely emissions-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 a 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 scheduled to start in 2021 and is being carefully prepared. The initial production capacity will initially be ramped up to 23,000 units, representing a turnover of around SEK 13 billion. The capacity of the current Uddevalla factory, which previously belonged to Volvo Cars, can subsequently 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 phase 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. To date, Azelio has been following or exceeding the plans that have been established.

An important sub-target for 2021 is to convert a number of MoUs into commercial orders in order the match the series production that is scheduled to start during the third quarter. This step from innovation to industrial operation is being taken together with large established partners such as Masen and Masdar, supported by subcontractors familiar with the meticulous 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 30 December 2020, Azelio had 25,744 shareholders. The largest shareholder was Kent Janér along with related parties and companies (Blue Marlin), accounting for around 17.1 percent of the capital and votes.

NameShareholding,  %
Blue Marlin AB / Kent Janér17.1%
Försäkringsaktiebolaget, Avanza Pension4.6%
Deutsche Bank (Suisse) S.A, W8IMY4.5%
SEB AB, Luxembourg Branch, W8IMY3.9%
Goldman Sachs International Ltd, W8IMY2.9%
State Street Bank and Trust Co, W92.7%
Nordnet Pensionsförsäkring AB1.9%
BNP Paribas Sec Serv Luxemburg, W8IMY1.8%
Byggmästare Anders Ahlström1.5%
Ram One1.5%



The Azelio share has been listed on the Nasdaq First North Growth Market since 10 December 2018. During 2020, the share price rose 335 percent to SEK 52.50, while the OMX30 rose 5.5 percent. The highest closing share price in 2020 was SEK 61.70 and the lowest was SEK 7.00.

A total of 135.7 million shares were traded in 2020 at a combined value of SEK 3,349 million, corresponding to 130 percent of the total number of shares at year-end.

Share capital and capital structure

Azelio’s share capital as per 31 December 2020 amounted to kSEK 52,051, represented by 42,347,495 shares, corresponding to a quota value of about SEK 0.50.

At the beginning of the year, a rights issue was registered, which raised SEK 350 million before transaction costs, increasing the share capital to kSEK 45,876 and the number of shares by 49,405,405 to a total of 91,752,900.

In September, a directed share issue of SEK 270.6 million before transaction costs was registered, which increased the share capital by kSEK 30,853 to kSEK 52,026 and the number of shares by 12,300,000 to a total of 104,052,900.'

In December, 900,000 warrants expired, which resulted in an increase in new shares by 49,500 to 104,102,400.

At the end of 2020, there were 41,326,667 warrants, issued in seven different series with exercise prices of between SEK 15 and SEK 40. At full conversion, these will increase number of shares in the company by 6,706,667.

 The programmes are described on the company’s website

Dividend policy

The company has not paid a dividend to date.

Any future dividend and its size will be determined by long-term growth, the earnings trend and capital requirements. The Board intends to assign priority to developing the company’s systems and mainly use its financial resources to finance the company’s business, research and development plan.

A total of 135.7 million shares were traded in 2020 at a combined value of SEK 3,349 million, corresponding to 130 percent of the total number of shares at year-end.

In view of Azelio’s financial position and its negative earnings, the Board of Directors does not intend to propose a dividend before the company generates long-term, sustainable profits and a positive cash flow


Comment from CEO Jonas Eklind

More about this year's achievements

FInancial information

Administration report

Read more about our business