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AZELIO FIRST QUARTER 2021 AZELIO Financing secured to initiate series production Azelio's directed share issue generated gross proceeds of SEK 596 million in the first quarter . The share issue attracted very strong interest , with subscribers including major Swedish and international investors . The proceeds will primarily be used to finance the continued industrialisation of the energy storage system with the objective of starting series production in September 2021 , and to fund the company's business plan until the operations are cash - flow positive , which is expected to occur during 2022 . The commercialisation of the energy storage system continued in the first quarter with an order in Sweden for two energy storage units to store surplus energy from a 446 kW solar PV system on a larger industrial building and make the solar energy available around - the - clock as electricity and heat . The units will improve the productivity of the system installed , reduce dependency on the local heating network , and increase the customer's use of renewable energy by 24 % , which will also reduce CO2 emissions by 168 tonnes per year . 1