A Memorandum of Understanding (MoU) has been signed between Azelio and VOGT. Together with the renowned Swedish company Azelio, energy storage projects for the mining industry in Latin America will be evaluated and implemented.
Azelio's long-life energy storage system together with solar photovoltaics will be used to continuously supply renewable electricity to our pumping systems in the mining industry. The MoU frames a collaboration on 10 MW of Azelio's energy storage capacity from 2021 to 2024. The parties expect to promptly launch new projects from this initial agreement.
Pumping systems require electricity 24/7, and today there are a number of pumping systems that are powered by diesel generators, especially when there is no feasible connection to the grid. With this memorandum of understanding we seek to complement our offer to supply reliable and clean electricity to pumping systems. In addition to reducing the environmental impact, Azelio's technology will also significantly reduce the cost of electricity, which is linked to the high cost of diesel.
Jonas Eklind, CEO of Azelio commented "Joining hands with an established company like VOGT and introducing our technology to the mining industry is a very positive step for Azelio. We look forward to demonstrating the commercial and environmental values of Azelio's long-life energy storage."
This difficult global economic context is an opportunity to develop clean technologies that reduce operational costs for end customers and help combat the climate crisis.
Our CEO Alberto Campos said, "We are excited to start this collaboration with Azelio and to jointly develop their energy storage offering in the region. This is an opportunity for us to add value to our customers with a cleaner and more economical supply of electricity for our pumping systems.
We firmly believe that this type of agreement will contribute to the development of sustainability and advanced technology projects in Chile.
