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On June 9, Azelio announced that the company had decided to transform the organization and in connection with this,  gave notice to the Swedish Public Employment Service regarding 100 employees. Negotiations with the trade unions on the notice have now been completed with the result that the number of employees is reduced by 55 persons through a combination of layoffs and people who leave at their own request without being replaced.

In addition to the number of employees being reduced by 55 persons, major reductions are also being made in the number of consultants. Since the company introduced a tighter cost control at the beginning of the second quarter, decisions have been made to reduce the number of consultants by 68, which means that the total reduction in the workforce will be 123 persons.

The effects of the reduction in personnel will have an impact in the third quarter and especially in the fourth quarter and onwards. As a result of this and other measures, including the tighter cost control, the company expects to realize the approximately SEK 150 million in reduced costs that were communicated in the press release about Azelio's transformation that was published on 9 June 2022.

The work continues to implement the new organization and new more efficient and agile organizational principles for the company to be able to deliver on its operational goals.

For more information, please contact:

CEO Jonas Wallmander

Email: [email protected]

Tel: +46 725 00 37 00

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 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 20 MW. Azelio has approx. 200 employees with headquarters in Gothenburg, Sweden. Production takes place in Uddevalla and the company maintains development centers in Gothenburg and Åmål, has a presence in Stockholm, as well as Regional Directors for Australia, US, southern Africa and the MENA region. 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 Azelio: www.azelio.com (http://about:blank)

Azelio is a Swedish company in the game of changing the future of solar energy. A Swedish Stirling manufacturer, already a leading supplier of Stirling engine-based renewable energy solutions, we now put an even greater focus on distributed and dispatchable solar electricity.