May 11th 2021

Interim report: Financing secured to initiate series production

Azelio’s directed share issue generated gross proceeds of SEK 596 million in the first quarter. The share issue attracted very strong interest, with subscribers including major Swedish and international investors. The proceeds will primarily be used to finance the continued industrialisation of the energy storage system with the objective of starting series production in September 2021, and to fund the company’s business plan until the operations are cash-flow positive, which is expected to occur during 2022.

The commercialisation of the energy storage system continued in the first quarter with an order in Sweden for two energy storage units to store surplus energy from a 446 kW solar PV system on a larger industrial building and make the solar energy available around-the-clock as electricity and heat. The units will improve the productivity of the system installed, reduce dependency on the local heating network, and increase the customer’s use of renewable energy by 24%, which will also reduce CO2 emissions by 168 tonnes per year.

Group financial development

Q1: January – March 2021

  • Net sales amounted to kSEK 97 (128)
  • Operating profit/loss (EBIT) amounted to kSEK -64,733 (-44,991)
  • Earnings per share before and after dilution SEK -0.61 (-0.51)
  • Profit/loss for the period amounted to kSEK -65,060 (-45,089)
  • Cash flow amounted to kSEK 498,911 (237,459)
  • Cash and bank balances amounted to kSEK 831,458 (293,221)

Significant events

Q1: January – March 2021

  • An MoU was signed with Svea Solar to jointly develop projects in Sweden using energy storage units with a total of 8 MW of installed power and more than 100 MWh in storage capacity.
  • Azelio’s directed share issue generated proceeds of SEK 596 million before transaction costs. Demand for shares in the issue was high.
  • Azelio won its second commercial order when Swedish-based Industrisupport i Åmål AB ordered two TES.POD units to store solar energy and supply electricity and heat from the storage.
  • Azelio’s sustainable technology was awarded by the Solar Impulse Foundation


For further information, please contact:

Jonas Eklind – CEO                                     
Tel: +46 709 40 35 80     

Fredrik Wäppling – CFO                            
Tel: +46 709 91 12 34        

This disclosure contains information that Azelio AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 11 May 08:00 CET, 2021.     

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


© Azelio 2022