TEXEL Acquires Thermal Energy Technologies from Former Nasdaq-Listed AZELIO

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Oct 16, 2024, 07:57 ET

GOTHENBURG, Sweden, Oct. 16, 2024 /PRNewswire/ -- TEXEL Energy AB ("TEXEL"), a world leader in thermal energy-to-electricity technology, has today announced the acquisition of all Stirling engine releated assets to the "Gas-Box" development from former Nasdaq-listed Azelio AB. This strategic acquisition further strengthens TEXEL's position in converting various heat sources into electricity.

In addition to the Stirling engine technology, TEXEL has also acquired the full developed thermal energy storage technology from Azelio, broadening the company's technological portfolio. Azelio has been investing aproximatly $400 million in R&D over the years, and this acquisition adds value to TEXEL's research and development assets.

"The acquisition of Azelio's Stirling engine technology and thermal energy storage solutions perfectly complements our existing portfolio. It enhances TEXEL's capabilities in converting waste heat and stored thermal energy into electricity, reinforcing our position as the global leader in this space. The technologies acquired will be pivotal in our push to develop next-generation green energy solutions, both for energy storage and waste-to-energy applications Says Lars Jacobsson, CEO and Chairman of TEXEL."

A Strategic Fit with TEXEL's Vision

The acquisition is in line with TEXEL's ambition to remain at the forefront of thermal energy conversion technology, which encompasses stored heat-to-electricity systems and waste thermal energy-to-electricity solutions. With the additional research and technical expertise gained through this acquisition, TEXEL aims to accelerate its commercialization efforts, pushing the boundaries of what's possible in sustainable energy production.

TEXEL's Core Technology: A Sustainable Future

TEXEL's proprietary technology efficiently converts thermal energy into green electricity and heat. The company's solutions span multiple sectors, from flare gas energy conversion to thermal energy storage, enabling scalable, sustainable, and economically viable energy production. The addition of Azelio's technologies is a significant step forward in TEXEL's mission to support the global energy transition through innovative, green solutions.

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Daniel Wilke
Head of PR
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SOURCE TEXEL Energy Storage