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