Vinge has advised Azelio, a public Swedish company specialising in thermal energy storage with dispatchable and low-cost Stirling-based electricity and heat production, in connection with a directed share issue whereby Azelio raises SEK 270 million in issue proceeds before transaction costs.
The subscription price was determined to SEK 22 per share through a so called accelerated bookbuilding procedure. The share issue was directed to a number of Swedish and international institutional investors. The main purpose of the share issue is to finance the company’s ongoing operations and the continued industrialization of Azelio’s Thermal Energy Storage (TES) and Stirling-based electricity production technology, with the objective of reaching industrial volume production in 2021. Azelio’s shares are listed on Nasdaq First North Growth Market.