Update about the project with Engazaat in Egypt

Azelio announced on August 19, 2021, a conditional order for 20 energy storage units from Engazaat Development S.A.E (Engazaat) in Egypt. Important steps now have been taken towards the fulfilment of the conditions tied to the order.

The intention is to establish a joint project company to finance and carry out the installation and operation of the project. A techno-economic feasibility study for the specific project has been performed with satisfactory results.

Today Engazaat signed a financing agreement securing the financing for their part of the project. Azelio is currently in the final stages of the process of securing project financing for the Azelio part of the project. When Engazaat and Azelio project financing are in place, approximately 80% of the total project financing need has been secured.

For more information, please contact:

CEO, Jonas Wallmander  

Email: ir@azelio.com  

Tel: +46 722 01 88 00

VP Business Development, Ralf Wiesenberg

Email: ralf.wiesenberg@azelio.com

Tel: +34 699 308 636

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, at 19:00 CET on October 10, 2022.

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 and converted into electricity and heat with a total efficiency of up to 90%. The solution is scalable, sustainable, and cost-efficient from 0.1 MW up to 20 MW. Azelio is headquartered in Gothenburg, Sweden. Production takes place in Uddevalla and the Company maintains development centers in Gothenburg and Åmål, has a presence in Stockholm, as well as Regional Directors for Australia, US, southern Africa and the MENA region. Azelio is listed on Nasdaq Stockholm First North Growth Market with FNCA Sweden AB as Certified Adviser: More about Azelio: www.azelio.com