Brief: Azelio Sets Up Commercial Project In Zambia

Azelio AB

17/10/2019 09:35

Oct 17 (Reuters) - Azelio AB  AZELIO.ST :
    * AZELIO SETS UP COMMERCIAL PROJECT IN ZAMBIA
    * INITIAL PROJECT IS A PLANT OF 50 KWE IN ZAMBIA, SET TO
BECOME
OPERATIONAL IN Q3 2020
    * SIGNED MOU WITH SWEDISH COMPANY NORDIC DISTRIBUTED POWER
AB (ND
POWER) FOR A SMALL-SCALE PROJECT IN ZAMBIA
    * FINANCIAL TERMS FOR THIS INITIAL PROJECT AND FOLLOWING
PROJECTS
HAVE YET TO BE DETERMINED
    * IN TOTAL, MOU BETWEEN AZELIO AND ND POWER COVERS A
CAPACITY OF
ABOUT 7.55 MWE OF AZELIO'S ENERGY STORAGE, TO BE DEPLOYED IN
AFRICAN MARKET BETWEEN 2021 AND 2023
    * A PRELIMINARY END-USER HAS BEEN IDENTIFIED AND HAS
SUBMITTED AN
EXPRESSION OF INTEREST (EOI) FOR SOLUTION
    * AZELIO WILL RECEIVE SOME REVENUE FROM INITIAL PROJECT BUT
MOU
IS, AS SECOND COMMERCIAL STATEMENT OF INTENT, PRIMARILY OF
STRATEGIC IMPORTANCE

Source text for Eikon:  ID:nWkr8ychcJ 
Further company coverage:  AZELIO.ST 

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