Azelio, ALEC Energy team up on 49 MW of thermal energy storage projects

Swedish thermal energy storage developer Azelio AB (FRA:4AZ) on Wednesday said it will collaborate with United Arab Emirates-based ALEC Energy on 49 MW of projects in the Middle East and Africa.

The two companies have signed a memorandum of understanding to partner on thermal energy storage until 2025. The total capacity included in the collaboration will be divided into 150 kW in 2021, 4 MW in 2022, 7 MW in 2023, 13 MW in 2024 and 25 MW in 2025.

The agreement will allow solar company ALEC Energy to add to its business offering electricity and heat supply to commercial and industrial clients using long-duration thermal energy storage.

According to the Swedish company, its storage solution can be combined with photovoltaic (PV), wind power or any other energy source to supply renewable electricity 24/7.

Azelio recently announced similar MoUs with partners in North America.

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