Azelio is a Swedish renewable energy equipment company founded in 2008. It specializes in energy storage with electricity and heat production, developing a unique modular 24-hour dispatchable thermal energy storage (TES) solution.

In 2018, renewables represented 10% of global electricity generation capacity vs. 4.5% in 2015. This share is expected to increase to 19% by 2030 and 36% by 2050. With the growing replacement of fossil fuels by electricity from renewables, there is a massive need for energy storage solutions to match demand and production due to the intermittency of renewables, which can create grid instability.

Azelio is bringing to market a cost-competitive, efficient and carbon-free energy storage solution on the brink of large-scale commercialization. It has 14 MoUs signed for a total of 426 MWe to 5.4 GWe over 2021 – 2025, representing c. USD 2bn in potential sales.

This capital raise aims to fully finance Azelio into cash-flow break-even and enable it to commence volume production in Q3 2021, delivering on expected conversions of MoUs to commercial orders.


About Azelio

Azelio specializes in energy storage with electricity and heat production. The technology is revolutionary in that the energy becomes dispatchable, making renewable energy available around the clock. The energy is stored in recycled aluminium, from which it is converted into electricity and heat with a total efficiency of up to 90 percent. The solution is scalable, sustainable, and cost-efficient from 0.1 MW up to 100 MW. Azelio has approx. 160 employees with headquarters in Gothenburg, production in Uddevalla and development centres in Gothenburg and Åmål, as well as presence in Stockholm, Beijing, Madrid and Ouarzazate. Azelio is listed on Nasdaq Stockholm First North Growth Market with FNCA Sweden AB as Certified Adviser.

Discover Azelio

Tor Berthelius

Investment Banking Head of Nordic Operations

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Pierre Kiecolt-Wahl

Equity Capital Markets

Pierre Kiecolt-Wahl photo

Olivier Beaudouin

Investment Banking

Olivier Beaudouin photo

Grégoire Angleys

Equity Capital Markets

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Pierre Sertour

Equity Capital Markets

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Mathias Maier

Investment Banking

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Deal Team

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