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The first commercial project in Sweden with Azelio's energy storage solution has been commissioned at Industrisupport i Åmål AB, Sweden. The order was announced on March 29, 2021 and includes two TES.POD units that are charged from solar panels, and move excess energy to match the demand and create renewable baseload power. The system will also provide Industrisupport i Åmål AB with heat that also reduces dependence on the district heating network.
Redeye lowers its valuation of Azelio to SEK6.5 (SEK9) following yesterday’s press release regarding a SEK300m share issue.
Press release 15 September 2022
Redeye is encouraged by Azelio’s partnership together with Elum Energy. In essence, it enables Azelio’s thermal energy storage to be integrated with Elum’s control and monitoring software for microgrid PV installations.
Azelio and Elum Energy have partnered to deploy a solution to maximize the penetration of renewables and develop efficient control solutions for installations combining solar PV and long-duration energy storage. Bringing together both companies' advanced technologies, the solution sees Elum's monitoring and control working with Azelio's thermal energy storage system.
Azelio has taken an energy storage system into operation at Haneberg Farm in Sweden. The system is powered by solar panels and utilizes both electricity and heat generated by the system to dry grain.
"This is an important milestone for Azelio since it is the first time a project also uses the heat generated by Azelio's energy storage system. We see many applications for the heat, both in the agricultural sector and in other areas. Haneberg will serve as springboard for continued development of this part of the system," says CEO Jonas Wallmander.
Redeye comments on Azelio’s Q2 report which financials held no surprises. Progress is visible in the USA and amongst its verification projects, while the company writes down its MoU pipeline to 370MW (450MW).
Group financial development
Net sales amounted to kSEK 226 (629)
Operating profit/loss amounted to kSEK -136,586 (-99,938) after depreciation and amortisation of kSEK -42,578 (-33,419)
Earnings per share before and after dilution totalled SEK-1.19 (-0.87)
Profit/loss for the period amounted to kSEK -137,499 (-100,289)
Cash flow for the period amounted to kSEK -140,768 (-117,010)