The company has not been able to secure sufficient financing to sustain operations and enable the completion of the plan announced in May to enter into an agreement with a strategic partner.
“The board and management have been working hard for a long time with the goal of establishing the strategic partnership that was previously announced. Despite great interest in our technology, we have not managed to secure the company’s financing. The board will therefore apply to put Azelio into bankruptcy at the Gothenburg district court,” says board chairman Bo Dankis in the press release.
Among other things, Azelio has developed a technology that allows electricity from solar and wind power to be distributed more evenly throughout the day.