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Year-end report: Continued fast pace towards commercial contracts

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In the fourth quarter Azelio signed several Memorandums of Understanding for production facilities with customers in the US, Africa and the Middle East. The MoUs relate to system installations with a combined capacity of 184 MW.

Azelio’s verification project in Morocco was installed on schedule and began producing electricity at the end of the fourth quarter 2019. Verification data from the installation will be generated from the first quarter of 2020 onwards. This data is important in the work to convert MoUs into commercial orders together with customers.

To prepare for commercialisation and volume production in 2021, a new share issue was completed with preferential rights for existing shareholders. The share issue was oversubscribed and injected SEK 350 million into the company at the beginning of 2020.  

Significant events

  • MoUs signed with STELLA Futura and ND Power for two commercial projects in Africa
  • MoU signed with US firm Biodico for installations amounting to 120 MW in California
  • New organisation introduced ahead of commercialisation
  • Final testing of pump system developed with Swiss firm Egger for transferring heat to the energy storage system
  • Electricity from photovoltaics means the verification project in Morocco is opening up new markets
  • Expressions of interest increase to around 3,900 MW or SEK 170 billion in potential order value
  • Extraordinary general meeting on 26 November approves new share issue
  • MoU for project in Oman
  • SEK 350 million rights issue oversubscribed
  • The financial statements are prepared in accordance with IFRS.

Finansiell utveckling koncern

  • Net sales amounted to kSEK 571 (269)
  • Operating profit/loss (EBIT) amounted to kSEK -53,357 (-26,337)
  • Earnings per share before and after dilution SEK -1.26 (-0.81)
  • Profit/loss for the period amounted to kSEK -53,487 (-26,372)
  • Cash flow amounted to kSEK -80,441 (252,679)
  • Cash and bank balances amounted to kSEK 55,634 (331,196)

For more information, please contact:

Jonas Eklind – CEO of Azelio
Email: jonas.eklind@azelio.com
Tel: +46 70 940 35 80

About Azelio
Azelio is a public Swedish company, specializing in thermal energy storage with dispatchable power production when and where it is needed, modular and to a low cost. The technology is revolutionary for its unique ability to store thermal energy and generate electricity and heat at nominal effect for 13h using a Stirling engine. The system has a total efficiency from energy to heat and electricity of up to 90%. The company has 160 employees, headquartered in Gothenburg with production facilities in Uddevalla and development centres in Gothenburg and Åmål in Sweden, as well as presence in Stockholm, China, Spain and Morocco. Since the start in 2006, the company has invested over 1,2 billion SEK in development. In December 2018 the company was listed on Nasdaq Stockholm First North. Certified Advisor is FNCA Sweden AB, +46(0)8-528 00 399, info@fnca.se.

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