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Azelio's Overview

Total employees29
HeadquartersGothenburg
Founded

Azelio AB was a Swedish Greentech company focused on developing and commercializing long-duration thermal energy storage (TES) systems combined with a Stirling engine for dispatchable, clean electricity and heat production. Their technology aimed to provide renewable energy access 24/7, particularly for off-grid and weak-grid applications. Energy was stored in recycled aluminum. In July 2023, Azelio AB filed for bankruptcy. Subsequently, its intellectual property and certain assets were acquired, notably by Stena AB, with the intention of further developing the core technology.

Where is Azelio's Headquarters?

HQ Function

This facility served as the central hub for Azelio's global operations, encompassing R&D, engineering, corporate management, strategic partnerships, and commercialization efforts for its energy storage solutions.

Notable Features:

The headquarters likely included advanced research and development labs, prototype testing areas for its Stirling engine and thermal storage units, alongside modern office spaces fostering innovation.

Work Culture:

Azelio aimed to cultivate a work environment centered on innovation, sustainability, and collaborative problem-solving, driven by the mission to advance clean energy technology. The culture attracted individuals passionate about Greentech development.

HQ Significance:

The Gothenburg headquarters was pivotal as the origination point for Azelio's unique thermal energy storage technology and the command center for its global expansion and commercialization strategy.

Values Reflected in HQ: The headquarters aimed to embody Azelio's core values of innovation, sustainability, and technical excellence, creating an environment conducive to developing impactful clean energy solutions.

Location:

Prior to its bankruptcy, Azelio managed its international activities from its Swedish base, including R&D, manufacturing, and corporate functions. The company had established a global footprint through strategic partnerships, sales representations, and project installations in key markets across Europe, the Middle East, North Africa, Australia, and the Americas. This network was essential for technology deployment, market development, and international collaborations.

Street Address:

Stora Åvägen 21

City:

Gothenburg

State/Province:

Västra Götaland

Country:

Sweden

Azelio's Global Presence

Åmål, Sweden

Address: Energi- och Miljöteknikparken, Industrigatan 10, 662 34 Åmål

Strategically chosen for its industrial capabilities, this location supported the scaled production of Azelio's renewable energy storage technology.

Masdar City, Abu Dhabi, UAE

Address: Verification project site within Masdar City (Specific office address may vary)

To validate technology robustness, establish regional credibility, build partnerships, and explore market opportunities for sustainable energy solutions in the Middle East and North Africa.

Buying Intent Signals for Azelio

Highperformr Signals uncover buying intent and give you clear insights to target the right accounts at the right time — helping your sales, marketing, and GTM teams close more deals, faster.

Notable news
Hiring actively
Corporate Finance
Corporate Finance
Corporate Finance
Corporate Finance
Corporate Finance
*Example signal, not calculated in real time

Executive Team of Azelio

As of April 2025, Azelio' leadership includes:

Fredrik Wäppling - Acting Chief Executive Officer & Chief Financial Officer (April 2023 - July 2023)
Jonas Eklind - Former Chief Executive Officer (until April 2023)
Gustaf Albèrt - Former Executive Vice President Operations & Supply Chain
Pär Bäcktorp - Former Executive Vice President Projects & Services
Ralf Wiesenberg - Former Executive Vice President Business Development

Investors of Azelio

Azelio has been backed by several prominent investors over the years, including:

Kent Janér (via Blue Marlin AB)
Fjärde AP-fonden (AP4)
SEB Investment Management
Avanza Pension
Handelsbanken Fonder
The company was publicly traded on Nasdaq First North Growth Market (Stockholm) and thus had a wide base of institutional and retail shareholders.

Executive New Hires/Exits in the Last 12 Months

Hire0
Exits1

In the period leading up to its bankruptcy in July 2023, Azelio experienced a key leadership transition with the appointment of an acting CEO. The subsequent bankruptcy filing resulted in the departure of the entire executive team as the company ceased its independent operations.

Departures

Jonas Eklind, Jonas Eklind resigned from his position as CEO.
Fredrik Wäppling, Role concluded with Azelio AB's bankruptcy and subsequent asset sale.

New Appointments:

Fredrik Wäppling, Fredrik Wäppling, previously CFO, was appointed Acting CEO.

Technology (Tech Stack) used by Azelio

Discover the tools Azelio uses. Highperformr reveals the technologies powering your target accounts — helping your sales, marketing, and GTM teams prioritize smarter and close faster.

Azelio Email Formats and Examples

During its operational period, Azelio commonly used the email format firstname.lastname@azelio.com for its employees and executives. Due to the company's bankruptcy, email addresses using this domain are highly unlikely to be active.

firstname.lastname@azelio.com

Format

jane.doe@azelio.com

Example

5%

Success rate

News and media

Stena MetallSeptember 26, 2023

Stena Acquires Azelio's Energy Storage Technology

Stena AB, through its subsidiary Stena Teknik, acquired the intellectual property, technology, and certain other assets related to Azelio's long-duration thermal energy storage system from the bankruptcy estate's buyer, Naas Hus AB. Stena intends to further develop the technology for industrial scale....more

ReutersJuly 20, 2023

Azelio Files for Bankruptcy

Swedish energy storage company Azelio AB filed for bankruptcy at the Gothenburg District Court after failing to secure necessary long-term financing to continue its operations and commercialize its thermal energy storage technology....more

Azelio Press ReleaseOctober 5, 2022

Azelio Reaches Significant Milestone with Over 13,000 Hours of Operation in Dubai

Azelio announced its thermal energy storage system at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai had successfully completed over 13,000 hours of operation, demonstrating its technology's reliability in demanding desert conditions....more

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