The Board of Directors of Azelio AB (publ) (“Azelio” or the “Company”) has, based on the authorization given by the annual general meeting on 14 May 2020, resolved on a directed issue of 12,300,000 new shares, corresponding to approximately 13 percent of the total number of outstanding shares in the Company, at a subscription price of SEK 22 per share (the “Share Issue”). Through the Share Issue, the Company raises SEK 270,600,000 before transaction costs. The subscription price in the Share Issue has been determined through a so called accelerated bookbuilding procedure and corresponds to a discount of approximately 9 percent compared to the closing price as of 8 September 2020 on Nasdaq First North Growth Market. Several new Swedish and international institutional investors, as well as certain existing shareholders subscribed in the Share Issue.
The purpose of the Share Issue is to finance the Company’s ongoing operations and the continued industrialization of Azelio’s Thermal Energy Storage (TES) and Stirling-based electricity production technology, with the objective of reaching industrial volume production in 2021. The proceeds from the Share Issue, together with existing cash, are expected to be sufficient to fund the Company’s business plan into the third quarter of 2021. The Board of Directors of Azelio has resolved to deviate from the shareholders’ pre-emption rights to ensure the most time and cost-effective financing of its continued industrialization.
“The share issue provides Azelio with financing and ownership that paves the way for both the company and the green transition we want to participate in. We are now aiming to deliver our first verification report and commercial projects in order to take the company to the next level,” says Azelio’s CEO Jonas Eklind.
The Share Issue entails a dilution of approximately 12 percent of the share capital in relation to the number of shares in Azelio after the Share Issue, through an increase in the number of outstanding shares by 12,300,000, from 91,752,900 to 104,052,900, and a share capital increase by SEK 6,150,000, from SEK 45,876,451 to SEK 52,026,452.
Members of the board and the management team have entered into lock-up agreements to, subject to certain exceptions, not sell shares in Azelio for a period of 90 calendar days after the settlement date. Furthermore, the Company has agreed, with certain exceptions, not to carry out any additional future share issuances for a period of 180 calendar days after the settlement date.
Advisers
Carnegie Investment Bank AB (publ), Pareto Securities AB and Bryan, Garnier & Co act as Joint Bookrunners, and Advokatfirman Vinge is legal adviser, in connection with the Share Issue.
About Azelio
Azelio is a public Swedish company specialising in thermal energy storage with dispatchable and low-cost Stirling-based electricity and heat production. The technology is revolutionary for its unique capability to produce electricity and heat from the storage at 13 hours on nominal power. The system stores energy in recycled aluminium and has a total efficiency of up to 90 % from energy to heat and electricity. It is scalable and cost-efficient from 0.1 MW up to 100 MW and the storage suffers no reduced capacity over time. Azelio has over 150 employees, is headquartered in Gothenburg with production facilities in Uddevalla, development centres in Gothenburg and Åmål, as well as a presence in Stockholm, Beijing, Madrid, and Morocco. Since its establishment in 2008, the Company has invested over SEK 1.5 billion in technical development.
Azelio is listed on Nasdaq First North Growth Market. FNCA Sweden AB is the Company’s certified adviser: +46(0)8-528 00 399, info@fnca.se. More about Azelio: www.azelio.com
Azelio has completed a directed share issue of SEK 270 million
