In August 2021, Azelio announced a conditional order for 20 energy storage units from Engazaat Development S.A.E (Engazaat) in Egypt. Important steps have now been taken towards the fulfilment of the conditions tied to the order.
Azelio intends to establish a joint project company to finance and carry out the installation and operation of the project. A techno-economic feasibility study for the specific project has been performed with satisfactory results.
Engazaat has now signed a financing agreement securing the financing for its part of the project.
Azelio is currently in the final stages of the process of securing project financing for the Azelio part of the project.
Once Engazaat and Azelio project financing are in place, approximately 80% of the total project financing need has been secured.