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20th of November 2020

Interim report: Successful directed share issue

Based on a directed share issue of 12.3 million new shares, the company received proceeds of approximately SEK 270 million before issue expenses. Several new Swedish and international institutional investors as well as certain existing shareholders subscribed for shares in the issue. The proceeds will be used to finance the company’s ongoing operations and the continued industrialisation of Azelio’s Thermal Energy Storage (TES) and Stirling-based electricity production technology, with the objective of reaching industrial volume production in 2021.

The company continued to sign Memorandums of Understanding (MoU) during the quarter. An MoU was signed with ALEC Energy for capacity of 49 MW in the Middle East and North Africa, and one with Atria Power for capacity of 65 MW in India. At the start of the fourth quarter, an MoU was also signed with JET Energy for capacity of 45 MW in francophone Africa. Accordingly, Azelio has signed MoUs corresponding to a total of more than 418 MW, thus providing a solid base from which to build.

After the end of the period, Azelio generated data that entails that performance of its energy storage system can be verified in accordance with the specification of 13 kW output power with a storage capacity corresponding to 13 hours of electricity production. This basis is deemed to be adequate for Azelio to enter into smaller commercial projects and thus represents a milestone in the commercialisation of the system. This type of data and formal verification reports are tools for making projects with Azelio's technology bankable and will be available to customers for this purpose.

Group financial development

Q3: Jul – Sep 2020

  • Net sales amounted to kSEK 164 (285)

  • Operating profit/loss (EBIT) amounted to kSEK -49,536 (-46,115)

  • Earnings per share before and after dilution SEK -0.53 (-1.09)

  • Profit/loss for the period amounted to kSEK -49,764 (-46,089)

  • Cash flow amounted to kSEK 192,859 (-63,965)

  • Cash and bank balances amounted to kSEK 417,027 (136,140)

First nine months: Jan – Sep 2020

  • Net sales amounted to kSEK 622 (1,099)

  • Operating profit/loss (EBIT) amounted to kSEK -142,938 (-107,152)

  • Earnings per share before and after dilution SEK -1.57 (-2.54)

  • Profit/loss for the period amounted to kSEK -143,431 (-107,409)

  • Cash flow amounted to kSEK 361,371 (-195,020)

  • Cash and bank balances amounted to kSEK 417,027 (136,140)

 

Significant events

Q3: Jul – Sep 2020

  • An MoU was signed with ALEC Energy for 49 MW of energy storage in the Middle East and Africa.

  • An agreement was signed with ALEC Energy to install a verification project in Masdar City, the sustainable city project in Abu Dhabi.

  • The installation of the verification project in Abu Dhabi was initiated. The purpose of the project is to evaluate Azelio’s energy storage technology for inclusion in the Masdar product portfolio.

  • Leading global safety science company and certification body UL was chosen to enable Azelio’s commercial operations in the US market. The objective is to achieve a field certification of Azelio’s technology in 2021 for a specific project in California.

  • An MoU was signed with Atria Power for an energy storage system with a capacity of 65 MW in India. The system will be used to deliver both electricity and heat to rural villages and communities in India.

  • A share issue of a gross SEK 270.6 million was directed to several new Swedish and international institutional investors and certain existing shareholders.

  • A Life Cycle Assessment carried out by the Swedish research institute RISE showed that the climate impact of Azelio’s energy storage system (TES.POD) is significantly less than that of lithium-ion battery storage and dramatically less than that of diesel generators.

After the end of the period

  • Azelio joined the California Solar & Storage Association (CALSSA) to strengthen its presence in the state. The local solar and storage market in California is highly active and Azelio has signed three MoUs to date in the state.

  • Azelio verified the performance of its energy storage system in accordance with the specification of 13 kW output power with a storage capacity corresponding to 13 hours of electricity production. The company thus achieved a milestone in the commercialisation of the system.

  • An MoU was signed with Jet Energy for energy storage of 45 MW in Morocco and other parts of francophone Africa.


For further information, please contact

Jonas Eklind – CEO

Email: jonas.eklind@azelio.com

Tel: +46 709 40 35 80