Cleanergy Now Becomes Azelio; Raises 100 Mn SEK via Pvt Placement

The move has come as a representation of the company’s solar focus and to better differentiate from the competition on the global arena.

In order to accelerate the commercialization of its unique solar energy technology, storage solutions provider Cleanergy has changed its name to Azelio.

The move has come as a representation of the company’s solar focus and to better differentiate from the competition on the global arena.

The company claims that it can offer distributed electricity at a low cost at all hours of the day through its unique storage solution.

Azelio has a technology in the form of Stirling Concentrated Solar Power (CSP) with Thermal Energy Storage (TES) for clean electricity distribution at a very competitive cost at all hours of the day.

Furthermore, the technology is uniquely modular and can thus be built in sizes ranging from small installations to very large.

Recently, the company has completed capital raising ahead of a planned listing on the stock exchange. The 100 million SEK private placement was substantially over-subscribed, taking total raised capital in private markets since inception to over a billion SEK.

Moreover, the company’s international activities are accelerating and it is also partnering with key industry players such as Masen (Moroccan Agency for Sustainable Energy) to establish itself on prominent solar markets.

Masen is one important milestone for the company and both the companies will now together execute a verification project of the Stirling CSP and TES product.

Speaking on the name change, Azelio, CEO, Jonas Eklind said, “The name Azelio distinguishes us on the global market, helping our international establishment plan. It is clear that our technology of Stirling CSP with TES is attractive, addressing one of the major global challenges of clean electricity supply with a unique solution. By raising over 100 million SEK in the recent capital raising, we can now accelerate on our way to commercialization.”