ALEC Energy says partnership will help expand its ability as a “renewable energy project developer and system integrator”
ALEC Energy says its new memorandum of understanding (MoU) with Swedish company Azelio will help expand its ability as a “renewable energy project developer and system integrator”.
According to the terms of the agreement, the two firms will collaborate over “49 MW installed capacity of Azelio’s thermal energy storage until 2025” in the Middle East and Africa market.
Azelio claims its thermal storage technology is unique and can be coupled to, “solar PV, wind power, or any other energy source, store the energy in recycled aluminum and cost-efficiently supply renewable power, as heat and electricity, on demand around the clock.”
ALEC Energy, ALEC Engineering and Contracting’s (ALEC) Solar PV subsidiary, and Azelio said they have reached an agreement to supply electricity and heat to commercial and industrial clients using Azelio’s long-duration thermal energy storage.
They will now work on the installation of 49 MW of capacity until 2025 as per the MoU. An initial starting capacity of 150 kW is planned in 2021 which will followed by 4 MW in 2022, 7 MW in 2023, 13 MW in 2024 and 25 MW in 2025.
“We look forward to working with Azelio in a long-term partnership with the opportunity to introduce this renewable technology across the wider region and constructing upcoming innovative energy storage verification project,” said James Stewart, General Manager of ALEC Energy.
“Azelio is under way to establish in the region through a verification project in Abu Dhabi together with Masdar and Khalifa University,” added Jonas Eklind CEO of Azelio. “We are now strengthening our position further through joining hands with a well-established company as ALEC Energy. We foresee a successful establishment and future in the region.”