GOTHENBURG, Sweden, June 18, 2018 /PRNewswire/ --
Swedish solar company Azelio on June 14th launched a demonstrator of its unique technology for solar energy storage. The technology is revolutionizing in its ability to generate clean electricity on demand around-the clock in a distributed way. It has modularity benefits and is more cost efficient than competing technologies, including fossil based.
Azelio's unique solution is based on Stirling Concentrated Solar Power (CSP) with multi-hour Thermal Energy Storage (TES). It can be built in a modular way from small to very large installations with maintained low cost and high efficiency. The system is distributed for local production and storage of heat, which can at any point be withdrawn from the storage and converted into electricity for 24/7 capacity. The technology is well suited for areas with weak or non-existent grids. It can thus be used to accelerate the roll-out of electricity to the more than one billion people in the world that lack that access as of today, enabling societal growth.
Since the greatest energy recovery is obtained in the conversion phase, Azelio is using an aluminium alloy as a storage media for its very specific phase changing characteristics. This storage media does not need refilling to maintain its efficiency, as opposed to common storage technologies using salt or water. Azelio's main market focus is initially projects in the size of 500 kW to 20 MW, targeting a gap on the global energy market.
"Showcasing this technology is a great milestone for Azelio. We have now proven that this world-unique solution works and together with our partners we will continue the development and commercialization. Low cost and clean electricity that is made accessible on demand also in remote locations at all hours of the day is really a game changer," says Jonas Eklind, CEO of Azelio.
Azelio just secured a significantly oversubscribed private placement of 100 MSEK and is planning for a listing on the Stockholm stock exchange. In 2019, a verification project will be built together with the strategic partner, Masen (Moroccan Agency for Sustainable Energy) in Morocco.
Azelio is a privately held Swedish high-tech SME specialized in Stirling engine-based renewable energy systems, with a highly efficient Concentrated Solar Power (CSP) solution with low cost and modular multi-hour Thermal Energy Storage (TES). This technology is revolutionizing for its unique ability to generate clean electricity to a low cost, at all hours of the day. The company has its headquarters in Gothenburg, with 60+ employees and production facilities located in the heart of the Nordic automotive and aerospace clusters in Uddevalla and an engineering centre in Åmål and a sales office in Beijing. The Stirling engine is produced in a state-of-the-art assembly line and the company has access to the most advanced material suppliers and engineering centres of excellence in Northern Europe. Since inception the company has raised to more than one billion SEK. In June of 2018 the company changed its name from Cleanergy to Azelio.
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CEO of Azelio
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