The market value of Azelio AB (OTCPink: AZLOF) increased by 17.44% to $896.87M after closing at $6.45 the previous day. After opening the session at $6.45, Azelio stock price remained unchanged throughout the day against its previous closing price of $5.49. Though there is no recent news to speak of, recent developments may prove useful to gain insight into the AZLOF stock.
How did AZLOF’s recent activities go?
In Sweden, the European Union, and internationally, Azelio is engaged in the research and development, production, and supply of Stirling engine-based renewable energy systems. An assembly line for Stirling engines is run by AZLOF. Based in Gothenburg, Sweden, AZLOF was launched in 2008.
Swedish firm Industrisupport i Åmål AB recently ordered two TES.POD systems from Azelio.
- In AZLOF’s TES.POD, excess energy from a rooftop solar PV system will be stored and supplied on demand, on a 24-hour basis.
- It will increase the share of renewable energy by 24%, reducing annual CO2 emissions from energy use by 168 tonnes through AZLOF’s storage unit installation.
- Being the company’s first commercial order in Sweden, this order represents strategic importance for AZLOF.
- Energy storage solution by AZLOF is selected over li-ion battery alternatives for two TES.POD units on commercial terms.
AZLOF’s role in that order?
The TES.POD will be combined with solar PV already installed by Svea Solar, Sweden’s largest solar PV installer, and a current collaborator with Azelio (AZLOF) for joint projects. TES.POD from AZLOF will provide heat to Industrisupport i Åmål AB making the firm less dependent on the local heating network while making use of renewable energy sources for renewable baseload power.