Azelio

Azelio supplies Stirling engine-based energy storage solutions, primarily through Thermal Energy Storage (TES) technology and dispatchable solar power. The company’s initial target market is energy storage solutions between 0.5 MW to 20 MW, with the ultimate goal of expanding into the 100 kW to 100 MW segment.

The Swedish company’s TES technology stores energy in the form of heat in a Phase Change Material (PCM), which is made of aluminum alloy and heated to 600 °C, which is then converted to electricity via a Stirling engine. According to the company, the technology has a storage capacity of 13 hours and a useful life of about 30 years. Additionally, the technology can also provide heat on demand and is effective in both hot and cold climates. 

Key customers and partnerships

In December 2020, the company secured its first order for long-duration TES technology, to be used at the Mohammed bin Rashid Al Maktoum Solar Complex (MBR) in Dubai. In May 2021, the company announced that it has secured its second commercial order for two energy storage units. The company also said that it expects to start commercial production in September 2021 and gradually ramp up volumes in 2022. 

The company has selected regions with high solar radiation as its target markets, which include the US, the Middle East, South America, and Sub-Saharan Africa. In June 2021, the company signed a memorandum of understanding with MMR Constructors to develop long-duration energy storage projects in North America. In September 2022, Azelio partnered with Elum Energy to deploy a solution which maximizes the penetration of renewables and to develop efficient control solutions for installations combining solar PV and long-duration energy storage.

In November 2022, Azelio signed a 20 year agreement, where through a Special Purpose Vehicle (SPV), the company will install solar power and its long-duration energy storage system to supply electricity to MPG Built , a property development and building company in Australia, through an Energy-as-a-Service (EaaS) model.

Funding and financials

In December 2018, the company was listed on Nasdaq Nordic stock exchange raising USD 24 million. The company generated revenue of around USD 130,000 in 2020. Azelio is not profitable and incurred an operating loss of around USD 22 million in 2020.