Azelio preps for cash call, thermal storage verification in Morocco

Author: Carl Milner. License: Creative Commons, Attribution 2.0 Generic.

November 5 (Renewables Now) - Azelio, the Sweden-based developer of a thermal energy storage technology, is having a busy November with preparations for a SEK-350-million (USD 36.5m/EUR 33m) rights issue and work on its verification project in Morocco.

Unlike other thermal energy storage solutions in the renewable energy sector, Azelio’s will be capable of storing energy not only from concentrated solar power (CSP) plants, but also from solar photovoltaic (PV) and wind parks. This recent broadening of the scope has resulted in a significant increase in the number of addressable markets and a quadrupling of the estimated value of customer inquiries to 3,900 MW.

In an update last week, Azelio said it has agreed with Moroccan company Jet Energy to deliver and install the solar PV capacity required for its verification project in Morocco. Construction there is already in progress, with electricity production expected to start by the end of 2019. Verification work will begin according to plan at the beginning of 2020. 

“The use of solar PV to charge Azelio’s thermal energy storage solution during the verification project in Morocco is crucial for Azelio since the configuration of the system becomes more cost-effective and the number of addressable markets increases. [..] The fact that Jet Energy can help us realise this is of great value, and it enables us to get the data required to carry out our first commercial installations in 2020 and begin making high-volume deliveries in 2021,” said Azelio CEO Jonas Eklind.


In December, the company plans to carry out a rights issue to raise funds for its ongoing operations and the commercialisation of its thermal energy storage and electricity production technology. An Extra General Meeting has been scheduled for November 26, to authorise the board of directors to resolve on the issue. 

In connection with it, the company has changed the date for publishing its third-quarter financial report to November 25, 2019.

Azelio said at least SEK 225 million would be raised based on a combination of subscription undertakings and guarantee commitments. This would ensure that the company has sufficient working capital until June 2020. If the rights issue is fully subscribed it will bring SEK 350 million, which would be enough until September 2020. 

For the whole of 2020, Azelio plans to install systems with a capacity of 200 kW.

Carnegie Investment Bank and Pareto Securities AB have been appointed joint global coordinators and bookrunners for the rights issue, and Advokatfirman Vinge is the legal adviser. The subscription period is expected to be between December 6 and 20.

(SEK 10 = USD 1.05/EUR 0.94)

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