Alec Energy and Swedish company Azelio has signed an agreement covering over 49 MW installed capacity of Azelio’s thermal energy storage until 2025.
Alec Energy aims to expand its business the Middle East and African markets as a renewable energy project developer and system integrator.
Azelio, as part of the agreement, will supply electricity and heat to Commercial & Industrial clients using Azelio’s thermal energy storage.
Azelio’s storage technology can be coupled to solar PV, wind power, or any other energy source, store the energy in recycled aluminum and cost-efficiently supply renewable power, as heat and electricity, on demand.
The MoU frameworks a collaboration over 49 MW until 2025, starting with 150 kW in 2021, followed by 4 MW in 2022, 7 MW in 2023, 13 MW in 2024 and 25 MW in 2025.
“We look forward to working with Azelio in a long-term partnership with the opportunity to introduce this renewable technology across the wider region and constructing upcoming innovative energy storage verification project”, highlights James Stewart, General Manager of ALEC Energy.
“Azelio aims to establish through a verification project in Abu Dhabi together with Masdar and Khalifa University,” said Jonas Eklind CEO of Azelio.