Low cost solar energy storage solution introduced
The solution for low cost solar energy storage from Azelio is based on Stirling Concentrated Solar Power (CSP) with multi-hour Thermal Energy Storage (TES). It can be built in a modular way from small to very large installations with maintained low cost and high efficiency.
The system is distributed for local production and storage of heat, which can at any point be withdrawn from the storage and converted into electricity for 24/7 capacity. The technology aims to be suited for areas with weak or non-existent grids. It can thus be used to accelerate the roll-out of electricity to the more than one billion people in the world that lack that access as of today, hoping to enable societal growth.
Since the greatest energy recovery is obtained in the conversion phase, Azelio is using an aluminium alloy as a storage media for its phase changing characteristics. This storage media does not need refilling to maintain its efficiency, as opposed to common storage technologies using salt or water. Azelio's main market focus is initially projects in the size of 500kW to 20MW, targeting a gap on the global energy market.
“Showcasing this technology is a great milestone for Azelio. We have now proven that this world-unique solution works and together with our partners we will continue the development and commercialisation. Low cost and clean electricity that is made accessible on demand also in remote locations at all hours of the day is really a game changer”, claimed Jonas Eklind, CEO of Azelio.
Azelio just secured a significantly oversubscribed private placement of 100 MSEK and is planning for a listing on the Stockholm stock exchange. In 2019, a verification project will be built together with the strategic partner, Masen (Moroccan Agency for Sustainable Energy) in Morocco.