Vinge has advised Azelio on the deal.
Azelio has completed a directed share issue of 10,638,225 new shares, corresponding to approximately 10 percent of the total number of outstanding shares in the Company, at a subscription price of SEK 56 per share. Through the Share Issue, the Company raises approximately SEK 596 million before transaction costs.
The share issue was directed to a number of Swedish and international institutional investors, along with existing shareholders. The main purpose of the share issue is to finance the continued industrialization of Azelio’s Thermal Energy Storage (TES) and Stirling-based electricity production technology with the objective to start series production in the third quarter of 2021, and to be able to finance additional development projects and general corporate purposes. Azelio’s shares are listed on Nasdaq First North Growth Market.
Azelio specializes in energy storage with electricity and heat production. The technology is revolutionary in that the energy becomes dispatchable, making renewable energy available around the clock. The energy is stored in recycled aluminium from which it is converted into electricity and heat with a total efficiency of up to 90 percent. The solution is scalable, sustainable, and cost-efficient from 0.1 MW up to 100 MW. Azelio has approx. 160 employees with headquarters in Gothenburg, production in Uddevalla and development centres in Gothenburg and Åmål, as well as presence in Stockholm, Beijing, Madrid and Ouarzazate. Azelio is listed on Nasdaq Stockholm First North Growth Market.
The Vinge’s team consisted of David Andersson (Picture), William Kåge, Julia Hirschberg and Olof Löfvenberg.
Law Firms: Vinge;