November 12 (Renewables Now) - Sweden-based solar thermal power specialist Azelio AB announced today it plans to execute a roughly SEK-300-million (USD 33m/EUR 29m) initial public offering (IPO) on Nasdaq First North.
The company said it expects to offer up to 13.64 million new shares at a fixed price of SEK 22 apiece, corresponding to a stake of about 30%. This gives Azelio a market value of about SEK 690 million prior to the offering.
The firm noted that several institutional investors and persons, including Azelio directors, managers and existing shareholders, have committed to subscribe for shares corresponding to a total of SEK 138 million.
A prospectus will be published on or around November 19, 2018. The first day of trading on Nasdaq First North is scheduled for December 10, 2018.
Gothenburg-based Azelio, previously known as Cleanergy, has developed and offers a system of Stirling engine-based concentrated solar power (CSP) with thermal energy storage. The subsystem for thermal energy storage was validated in a demonstration plant in June 2018, but has not yet been commercially applied yet. CEO Jonas Eklind commented that since then customer interest has increased considerably.
Azelio plans to use the proceeds from the listing to finance the continued industrialisation of the system’s design, construction and production over the next two years. In the fourth quarter of 2019 it intends to implement a three-system verification project in Morocco in collaboration with the Moroccan Agency for Sustainable Energy (Masen), to be followed by the installation of a further eight to 16 systems after 2020.
The company’s ultimate plan is to be selling its system to engineering, procurement and construction (EPC) contractors, which would then be installing it for the end customer, possibly in the mining, cement and process industries. The first commercial order is anticipated in the first half of 2020 and volume production is expected from 2021.
(SEK 10 = USD 1.095/EUR 0.973)