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26th of February 2021

Year-end report: First commercial installation of TES.POD started in Dubai

Azelio won its first order for TES.POD® in December. The company thus reached a major milestone in the commercialisation of its energy storage system. The order is from ALEC Energy, which will install Azelio’s technology in one of the world’s largest solar parks, the Mohammed Bin Rashid Al Maktoum Solar Complex in Dubai, where it will be part of a mini-grid together with inter alia solar panels and batteries. This will provide renewable energy 24 hours a day, which is an important step in meeting the climate transition. Azelio began installation on site on 20 December.

In the fourth quarter, Azelio also signed an MoU with JET Energy for energy storage of 45 MW in francophone Africa, and in January with SVEA Solar for 8 MW in Sweden. Accordingly, Azelio has signed MoUs for a total of more than 426 MW, corresponding to a storage capacity of 5.4 GWh, thus providing a solid base from which to build on ahead of the start of series production scheduled for Q3 2021.

Another major milestone in Azelio’s commercialisation was reached in the fourth quarter when the performance of the company’s energy storage system could be verified in accordance with the specification of 13 kW output power with a storage capacity corresponding to 13 hours of electricity production. The verification is important to commercialisation and making projects with Azelio’s technology bankable. The protection of the company’s technology was strengthened in the quarter when Azelio was granted four new patents. Azelio’s technology thus has 13 approved patents, and another 15 patent applications pending.

Group financial development

Q4: Oct – Dec 2020

  • Net sales amounted to kSEK 451 (571)  
  • Operating profit/loss (EBIT) amounted to kSEK -49,001 (-53,357)
  • Earnings per share before and after dilution SEK -0.47 (-1.26)
  • Profit/loss for the period amounted to kSEK -49,141 (-53,487)
  • Cash flow amounted to kSEK -84,469 (-80,441)
  • Cash and bank balances amounted to kSEK 332,463 (55,634)

Full-year 2020

  • Net sales amounted to kSEK 1,074 (1,670)  
  • Operating profit/loss (EBIT) amounted to kSEK -191,939 (-160,510)
  • Earnings per share before and after dilution SEK -2.03 (-3.80)
  • Profit/loss for the period amounted to kSEK -192,572 (-160,897)
  • Cash flow amounted to kSEK 276,905 (-275,460)
  • Cash and bank balances amounted to kSEK 332,463 (55,634)

Significant events

Q4: Oct – Dec 2020

  • 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 major milestone in the commercialisation of the system.
  • An MoU was signed with Jet Energy for energy storage of 45 MW in parts of francophone Africa.
  • Four new patents were granted regarding innovations to efficiently store energy and generate electricity from heat.
  • Azelio won its first commercial order for TES.POD from ALEC Energy for installation in Dubai, thereby achieving a major milestone.
  • Azelio received grants of SEK 2.5 million from the Swedish Energy Agency and Region Västra Götaland.

After the end of the period

  • An MoU was signed with Svea Solar to jointly develop projects in Sweden using Azelio’s energy storage unit TES.POD®, related to solar panels with a total of 8 MW of installed power and more than 100 MWh in equivalent storage capacity.

Contact

For further information, please contact

Jonas Eklind – CEO
Email: jonas.eklind@azelio.com
Tel: +46 709 40 35 80