‍‍Cleanergy CSP park in Dubai. Source: Cleanergy AB

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November 7 (Renewables Now) - Sweden-based solar thermal power specialist Azelio, previously Cleanergy, said today it has pocketed SEK 52 million (USD 5.8m/EUR 5m) from the exercise of warrants.

The warrants were issued last year alongside a new share issue. A total of 95% of the warrants have been exercised by the end of the subscription period on October 31, Azelio said.

According to chief executive Jonas Eklind, the company is well prepared for the industrial phase it is now entering and the exercise of the warrants will further strengthen its financial situation.

In June, Azelio announced the launch of a demonstrator of its technology which is based on Stirling Concentrated Solar Power (CSP) with multihour Thermal Energy Storage (TES). It said that since then it has been contacted by potential customers from more than 50 countries.

Azelio is cooperating with MASEN - the Moroccan Agency for Sustainable Energy. The company plans to build in late 2019 a full-scale verification project in Morocco, which will be followed by a market launch.