May 13th 2020

Azelio interim report: The verification project started

The verification of Azelio’s storage technology in partnership with leading certification company DNV-GL has begun. An inauguration of Azelio’s energy storage took place at one of the world’s largest solar parks, Noor in Morocco. It was attended by government representatives, the World Bank and IFC, among others. In view of the current travel restrictions due to Covid-19 the verification will initially focus on the installation in Åmål, Sweden. Preparations for starting the verification of a further four energy storage units in Abu Dhabi, in collaboration with the company’s partners Masdar and Khalifa University, are continuing according to plan.

Azelio’s commercial successes continued in the fourth quarter with the signing of a memorandum of understanding with Hussein Atieh & Sons Co. (HAE) for a project in Jordan which will pave the way for a commercial partnership covering around 25 MW. The intention is that HAE will also become Azelio’s sales, installation and O&M partner in Jordan.

Significant events

  • New share issue of SEK 350 million before transaction costs registered
  • MoU for energy storage project in Jordan
  • Installations in Noor and Åmål inaugurated
  • DNV-GL appointed as verification partner
  • Verification project started

Group financial development

  • Net sales amounted to kSEK 128 (508)
  • Operating profit/loss (EBIT) amounted to kSEK -44,991 (-28,101)
  • Earnings per share before and after dilution SEK -0.51 (-0.67)
  • Profit/loss for the period amounted to kSEK -45,089 (-28,184)
  • Cash flow amounted to kSEK 237,459 (-73,071)
  • Cash and bank balances amounted to kSEK 293,221 (258,229)

This press release contains such information that Azelio AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was published for public disclosure on May 13, 2020 at 08:00 CET through the agency of the contact person set out above. 

For further information, please contact
Jonas Eklind – CEO                                     
Tel: +46 709 40 35 80                                                        

About Azelio
Azelio is a public Swedish company specialising in thermal energy storage with dispatchable and low-cost Stirling-based electricity and heat production. The technology is revolutionary for its unique capability to produce electricity and heat from the storage at 13 hours on nominal power. The system stores energy in recycled aluminium and has a total efficiency of up to 90 % from energy to heat and electricity. It is scalable and cost-efficient from 0,1 MW up to 100 MW and the storage suffers no reduced capacity over time. Azelio has over 150 employees, is headquartered in Gothenburg with production facilities in Uddevalla, development centres in Gothenburg and Åmål, as well as a presence in Stockholm, Beijing, Madrid, and Morocco. Since its establishment in 2008, the company has invested over SEK 1,5 billion in technical development. Azelio is listed on Nasdaq Stockholm First North. FNCA Sweden AB is the company’s certified adviser: +46(0)8-528 00 399, More about Azelio:  

Azelio is a Swedish cleantech company. We have developed an ingenious long duration energy storage technology, providing dispatchable electricity and usable heat for all hours of the day – with zero emissions and at a very competitive cost. is using green hosting

Contact information

Lindholmsplatsen 1
417 56 Gothenburg

Phone: +46 532 100 20


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