Azelio prices USD 27m rights issue

TES.POD energy storage unit. Image by Azelio.

September 23 (Renewables Now) - Azelio AB (FRA:4AZ) on Friday unveiled the terms for its SEK 300 million (USD 27.21m/EUR 27.46m) rights issue meant to provide the Swedish energy storage technology developer with enough financing through the first half of 2023.

The subscription price has been set at SEK 10.36 per unit which consists of seven newly issued shares and one warrant. The price corresponds to SEK 1.48 per share.

Shareholders in the company will be entitled to subscribe for one unit for each four existing shares they hold. The subscription period runs from October 4 to October 18.

Azelio has already received subscription commitments totalling about SEK 31 million. The company's largest shareholder and board member Kent Janer has pledged to subscribe for units worth SEK 25.6 million.

The net proceeds from the transaction are estimated at some SEK 250 million. The fresh capital will be used to finance the company's ongoing operations and for general corporate purposes as well as to advance the development and accelerate the market launch of the TES.POD system. Part of the proceeds will be used to fund production investments in core technology.

If the rights Issue is fully subscribed, Azelio expects that the net proceeds will be sufficient to finance the company through the first half of 2023.

(SEK 1 = USD 0.091/EUR 0.092)

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