Azelio, Engazaat advance on renewable resource storage project in Egypt

• Swedish power storage company Azelio AB (FRA:4 AZ) as well as Egypt-based project designer Engazaat Development SAE are pressing ahead with the implementation of a joint project for renewable energy storage space after completing an usefulness research study.

Azelio agreed in August 2021 to supply 20 of its TES.POD renewable resource storage units with an integrated capacity of 3.3 MWh to Engazaat in Egypt.

The Swedish producer claimed in an upgrade on Monday that the arise from the techno-economic feasibility research study are satisfying.

In addition, Engazaat has already secured the funding for its part of the project while Azelio is close to concurring the essential financial resources for the project.

Afterwards, the partners will establish a joint project business to finance and accomplish the installation and procedure of the project.

The power storage space units will certainly be utilized for a mini-grid system in the Moghra Oasis in Egypt where they are expected to reduce diesel usage by 232 cubic metres (61,288 gal) every year as well as balance out 603 tonnes of carbon dioxide discharges per year. The project supports the SAVE lasting farming campaign which aims to cover 85% of the demands of farmers in the Moghra Oasis with eco-friendly power.