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At the annual general meeting in Azelio AB (publ) the shareholders resolved upon the following:
Approval of the financial statements of 2020 and discharge from liability
The annual general meeting approved the income statement and balance sheet as well as the consolidated income statement and the consolidated balance sheet for the financial year 2020, and the members of the board and the managing director was discharged from liability for the financial year 2020.
Allocation of profit or loss
Redeye shares its initial thoughts following Azelio’s Q1 report this morning. The report offered no drama, as expected. We believe Azelio is proceeding according to plan, moving closer to its target of initiating serial production in September.
Azelio's directed share issue generated gross proceeds of SEK 596 million in the first quarter. The share issue attracted very strong interest, with subscribers including major Swedish and international investors. The proceeds will primarily be used to finance the continued industrialisation of the energy storage system with the objective of starting series production in September 2021, and to fund the company's business plan until the operations are cash-flow positive, which is expected to occur during 2022.
The Board of Directors of Azelio AB (publ) has been informed by Blue Marlin AB, the company's largest shareholder, that the proposal for a long-term incentive program is being withdrawn. The purpose is to extend the term of the program so that it does not coincide with the end date of the management's incentive program. The proposal was to be considered at the Annual General Meeting on May 11, 2021.
The shareholders in Azelio AB (publ), reg.no. 556714-7607, with its registered office in Gothenburg, are hereby summoned to an annual general meeting to be held on 11 May 2021.
In order to mitigate the spread of Covid-19, the board of directors has decided that the annual general meeting will be conducted by advance voting only, without physical presence of shareholders, proxies and third parties.
Azelio wins domestic order for two of its TES.POD units from Swedish-based Industrisupport i Åmål AB. Azelio's TES.POD will store surplus energy from a 446 kW rooftop solar PV system and supply electricity and heat from the storage, on demand around-the-clock. With this installation, Azelio's storage units will increase the share of renewable energy supply by 24% and reduce CO2 emissions from energy use by 168 tonnes per year.
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Azelio won its first order for TES.POD® in December. The company thus reached a major milestone in the commercialisation of its energy storage system. The order is from ALEC Energy, which will install Azelio's technology in one of the world's largest solar parks, the Mohammed Bin Rashid Al Maktoum Solar Complex in Dubai, where it will be part of a mini-grid together with inter alia solar panels and batteries. This will provide renewable energy 24 hours a day, which is an important step in meeting the climate transition. Azelio began installation on site on 20 December.