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Azelio announced on August 19, 2021, a conditional order for 20 energy storage units from Engazaat Development S.A.E (Engazaat) in Egypt. Important steps now have been taken towards the fulfilment of the conditions tied to the order.
The intention is to establish a joint project company to finance and carry out the installation and operation of the project. A techno-economic feasibility study for the specific project has been performed with satisfactory results.
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.