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Azelio has set new operational targets to better reflect the current and future operations and the ongoing commercialization of the TESPOD. The new targets replace the previous production capacity targets.

As a foundation for the its operational targets, Azelio has set four important strategic initiatives:
  • Focus sales efforts on a fewer number of targeted and sizeable markets, while also emphasising the importance of its heat offer.
  • Prioritize data validation from systems operating under actual field conditions.
  • Gain certification for the US market.
  • Implement a cost containment program, including pausing of several longer-term projects related to further product development, sourcing and manufacturing.

To better reflect Azelio's current and future operations and these strategic initiatives, the company has decided to present new operational targets in conjunction with its Q1 Report. The new targets replace the previous production capacity targets.

New operational targets

Azelio reiterates its long-term financial target of an EBIT margin of at least 15%.
  • For 2026, Azelio aims to deliver projects of at least 1 GWh (i.e. 1,000 MWh) in terms of total installed electricity storage capacity.
  • By the end of 2022, Azelio aims to have delivered a handful of projects in its key geographies with the primary ambition to build data series to reach bankability in its product, i.e., to enable the company's customers to insure and finance their projects.

  • Continuing to build on the 2022 ambitions, Azelio aims to deliver at least 10 projects with a typical size of 0.5-5 MW per project during 2023.

  • For the period 2024-2025, Azelio will continue to scale-up its sales efforts towards the 2026 targets.
  • Azelio currently expects a sales price of SEK 5,000 - 6,000 per kWh of installed capacity in larger projects

"My short-term mission is to get our solution out on the market, and our strategic initiatives are designed to underpin that mission. To reflect the increased focus and streamlining of strategic priorities in the company, we have decided to replace our previous production capacity targets with targets for profitability and installed capacity. I am dedicated to work towards our new targets to unlock the full potential from the globally growing demand for long duration energy storage for both heat and electricity", says Jonas Wallmander, CEO of Azelio.

For more information, please contact:

Jonas Wallmander - CEO
Email: [email protected]

This disclosure contains information that Azelio AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on May 11, 2022, 08:00 CET.

About Azelio

Azelio specialises 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 and converted into electricity and heat with a total efficiency of up to 90%. The solution is scalable, sustainable, and cost-efficient from 0.1 MW up to 100 MW. Azelio has approx. 200 employees with headquarters in Gothenburg, Sweden. Production takes place in Uddevalla and the company maintains development centres in Gothenburg and Åmål, as well as a presence in Stockholm, Beijing, Madrid, Cape Town, Brisbane and Ouarzazate. Azelio is listed on Nasdaq Stockholm First North Growth Market with FNCA Sweden AB as Certified Adviser: +46(0)8-528 00399,[email protected] (http://about:blank).More about (http://about:blank)


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