Swedish long duration energy storage company Azelio AB decided to file for bankruptcy.
The bankruptcy application will be filed at the Gothenburg District Court.
On 2 May this year, Azelio announced that it had entered into a conditional loan agreement â€œcorresponding to SEK 30 million (â‚¬2.6 million) from the companyâ€™s major shareholder, which ensures the company’s short-term liquidity.â€
However, yesterday (18 July), the company issued a statement saying it had not been able to secure sufficient financing to be able to â€œoperate the business to make it possible to complete the discussions about, and subsequently be able to enter into an agreement with, the strategic partner that was announced on May 2, 2023â€.
Azelio chairman Bo Dankis said: “The board and management have been working hard for a long time with the goal of establishing the strategic partnership previously announced. Despite a great interest in our technology, we have not been able to secure the company’s financing.â€
In November last year, Azelio agreed a deal to provide solar power and storage to MPG Built, a subsidiary of Molnar Property Group. The agreement was for 20 years and was, at the time, â€œexpected to generate a positive return for the SPV and Azelioâ€, according to an Azelio statement. Azelio said first yearâ€™s revenue was expected to be in the region of â‚¬300,000 to â‚¬400,000.