August 21st 2020

Interim report: New collaborations open markets in North and South America

In the second quarter Azelio signed three Memorandums of Understanding (MOU) for energy storage in the North and South American markets. The largest was signed with California-based Trimark Associates and covers energy storage installations totalling 45 MW. Trimark offers a broad portfolio of energy solutions in the US, particularly monitoring and metering of solar farms and modernisation of the US electricity grid. Customers include power companies and the US Department of Defence. MOUs were also signed with the Mexican company CITRUS, which supplies renewable energy solutions to several different sectors, and with the Chilean company VOGT, which is the leading supplier of pumping systems to the mining industry in Latin America. VOGT wants to use Azelio’s technology to enhance its offering to clients and drive their pumping systems with cost-efficient and reliable renewable energy, instead of using diesel generators as today.

The verification project with certification company DNV-GL is continuing from Azelio’s installation in Åmål, Sweden, and will be supplemented later with data from the installation in Morocco. The current travel restrictions prevent entry into Morocco and therefore also the start-up of verification locally. Preparations for the next verification project in Abu Dhabi in partnership with Masdar and Khalifa University are continuing according to plan for installation to begin in Q3 2020.

Significant events

  • Corona pandemic pushes back the schedule for projects and financing by a quarter

  • Fredrik Wäppling new CFO

  • MoU with Chilean company VOGT for 10 MW of energy storage for the mining industry by 2024

  • MoU with Mexican company CITRUS for 20 MW by 2024

  • MoU with US-based Trimark Associates for 45 MW by 2025

Group financial development

  • Net sales amounted to kSEK 330 (307)

  • Operating profit/loss (EBIT) amounted to kSEK -48,414 (-32,938)

  • Earnings per share before and after dilution SEK -0.53 (-0.78)

  • Profit/loss for the period amounted to kSEK -48,583 (-33,110)

  • Cash and bank balances amounted to kSEK 224,200 (200,186)

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 August 21, 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 power. The technology is revolutionary for its unique capability to produce electricity and heat from the storage on demand at all hours of the day. 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 suffers no reduced capacity over time. Azelio has 150 employees, is headquartered in Gothenburg with production facilities in Uddevalla, development centres in Gothenburg and Åmål (Sweden), as well as a presence in Stockholm, Beijing, Madrid, and Morocco. Azelio currently has installations in Morocco and Sweden. Another installation will be up and running in Abu Dhabi in the fall of 2020. 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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