Azelio signs deal for renewable energy storage site in Masdar City
Azelio energy storage. Source: Azelio
Swedish thermal energy storage developer Azelio AB (FRA:4AZ) has signed a deal for the installation of a renewables storage facility in Masdar City, Abu Dhabi.
The agreement is with ALEC Energy, which is the solar business division of ALEC Engineering and Contracting LLC, in turn, part of the Investment Corporation of Dubai.
Azelio said that this quarter it will install a verification project in Abu Dhabi alongside Masdar and Khalifa University to evaluate its technology for inclusion in the Masdar product portfolio.
In July, Azelio and ALEC Energy entered into a memorandum of understanding (MoU) to collaborate on the installation of more than 49 MW of thermal energy storage projects in the Middle East and Africa until 2025. The total capacity will be divided into 150 kW in 2021, 4 MW in 2022, 7 MW in 2023, 13 MW in 2024 and 25 MW in 2025.