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                                     
Email: jonas.eklind@azelio.com                  
Tel: +46 709 40 35 80     

Fredrik Wäppling - CFO                            
Email: fredrik.wappling@azelio.com
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.     

About Azelio

Azelio specializes in energy storage with electricity and heat production. The technology is revolutionary in that the energy becomes dispatchable, making renewable energy available around the clock. The energy is stored in recycled aluminium from which it is converted into electricity and heat with a total efficiency of up to 90 percent. The solution is scalable, sustainable, and cost-efficient from 0.1 MW up to 100 MW. Azelio has approx. 160 employees with headquarters in Gothenburg, production in Uddevalla and development centers in Gothenburg and Åmål, as well as presence in Stockholm, Beijing, Madrid and Ouarzazate. Azelio is listed on Nasdaq Stockholm First North Growth Market with FNCA Sweden AB as Certified Adviser: +46(0)8-528 00 399, info@fnca.se. More about Azelio: www.azelio.com