February 26th 2021

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

Group financial development

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)

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.

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.