Azelio raises USD 24m net from Stockholm IPO

Azelio's headquarters in Gothenburg. Source: Azelio AB

December 6 (Renewables Now) - Sweden-based solar thermal power specialist Azelio AB has raised about SEK 216 million (USD 24m/EUR 21m) in net proceeds from its listing on Nasdaq First North, which, it said, has attracted strong interest from local and international investors.

The sum could rise by SEK 36 million gross if the overallotment option is exercised in full. If this happens to be the case, the company will have sold 12.65 million shares at SEK 22 apiece, representing a post-offering stake of 29%.

The firm’s stock will start trading on Nasdaq First North in Stockholm on December 10 under the ticker “AZELIO”.

Gothenburg-based Azelio, previously known as Cleanergy, has developed and offers a system of Stirling engine-based concentrated solar power (CSP) with thermal energy storage. The subsystem for thermal energy storage was validated in a demonstration plant in June 2018, but has not yet been commercially applied yet.

Azelio said in a statement that the raised sum, combined with the company’s existing funds, is enough to finance its business plan over the coming 12 months. The firm previously noted it will use the proceeds from its initial public offering (IPO) to finance the continued industrialisation of the system’s design, construction and production over the next two years. In the fourth quarter of 2019 it intends to implement a three-system verification project in Morocco in collaboration with the Moroccan Agency for Sustainable Energy (Masen), to be followed by the installation of a further eight to 16 systems after 2020.

"Through the new share issue and the listing, we have very good prospects for continuing the market launch of a product that solves one of the major challenges in the energy market – long-term storage of renewable energy at a competitive price,” commented Bo Dankis, chairman of the board of Azelio.

(SEK 10 = USD 1.109/EUR 0.976)

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