Azelio launches production of energy storage system in volume design

Swedish company Azelio AB (FRA:4AZ) this week said it has started production of its long-duration energy storage system, TES.POD, in volume design.

Azelio’s thermal energy storage technology stores energy in recycled aluminium and converts it into electricity and heat when needed with the help of a Stirling engine.

The company said production of the novel product will initially be at a slow rate with plans for scaling up in 2022.

Cylinder kits and the complete Stirling engine are assembled at Azelio’s facilities in Amal and Uddevalla, respectively, while AQ Systems in Vaggeryd assembles the thermal storage unit.

Azelio has so far won orders for three TES.POD units in Sweden and Dubai. It has also secured a conditional order in Egypt for 20 TES.POD units, representing 260 kW of electrical output and 3.3 MWh of storage capacity. This year the company aims to sign and start delivery of one or two projects of 100 kW or larger.

Separately, the company said on Thursday it has raised SEK 16 million (USD 1.8m/EUR 1.6m) through the exercise of warrants under a warrant programme expiring on September 30. Parties who exercised warrants include the company’s principal owner Kent Janer, who acquired warrants from other holders to enable their exercise.

(SEK 1 = USD 0.116/EUR 0.099)

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