Azelio's Verification Project in Morocco Delivers First Electricity

CHANGCHUN, China, December.
31, 2019 /PVTIME/ -- Azelio's verification project in Morocco has been
completed and the first electricity has been produced according to plan: that
is, by the end of the year. The verification of Azelio's solution for the
storage and production of sustainable electricity on demand around the clock,
is a significant step in the industrialisation of the company.

During the fourth quarter of 2019, Azelio has prepared its verification
project with its strategic partner, the state-owned Moroccan Agency for Sustainable
Energy, Masen, at Ouarzazate Solar Power Station (also known as Noor Power
Station) in Morocco, one of the world's biggest. Since two modules comprising
Azelio's energy-storage solution were deployed in early December, further
installations have been carried out. The first electricity from the
energy-storage has been produced, whereby Azelio fulfils its goal of producing
electricity before the end of the year.

Today there are two modules on the site, consisting of energy-storage
units as well as units designed to convert stored heat to electricity which is
then used to boost the thermal energy storage. The modules also comprise a
Stirling engine which converts the heat energy stored to sustainable and
dispatchable electricity around the clock. The storage units will be charged
with the help of electricity generated by 1 000 square metres of solar panels.

The aim of the verification project is to generate data showing the
technology's performance levels in a real-world environment over the coming
months. This means that the technology will become bankable since Azelio's
customers will be able to use this data to seek funding for projects involving
Azelio's technology.

"I am impressed with the goal-oriented and successful work that has
been carried out by Azelio's employees both in Sweden and on location in Morocco
to complete the verification project," says
Peter Gabrielsson, Vice President Operations at Azelio. "Our
collaboration with our strategic partner Masen has been very effective, and the
next step is for the verification project to start generating useful
data."

Azelio CEO Jonas Eklind says: "This has been an eventful year
for Azelio, which we are now ending successfully with the delivery of the first
electricity produced during our verification project in Morocco. We have now
laid the foundations for the industrialisation of our technology, and I look
forward to starting to turn the great interest shown in Azelio's solution into
actual orders next year."

Earlier today, Azelio announced that the rights issue for which the
subscription period ended on December 23, 2019, was oversubscribed. The company
will thus receive approximately SEK 350 million before deduction of transaction
costs. The funds will finance the company's ongoing operations and the
commercialization of its thermal energy storage technology and Stirling-based
sustainable electricity generation.

Source: Azelio

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