Based on the conditional order, Azelio AB will, through a SPV (Special Purpose Vehicle), install solar power and its long-duration energy storage system for clean low-cost power. Electricity will be supplied to MPG Built Pty Ltd. (MPG Built), based on an Energy-as-a-Service (EaaS) model. The SPV will implement, own, and operate the power system and provide energy to MPG Built at terms defined in the agreement.

MPG Built acting as a merchant will on-sell the power to the grid. The agreement covers 20 years and is expected to generate a positive return for the SPV and Azelio. First year's revenue is expected to be EUR 300,000 – EUR 400,000.

The agreement, which is estimated to require investments of EUR 3 million - EUR 4 million, is subject to Azelio arranging financing for the SPV, which is expected to be facilitated by the solar element of the project. Further conditions to be met are customary at this stage of the project. The PV part of the system is expected to be installed and in operation in 2023.

Delivery of the energy storage system, and start of operation of the complete power system, are expected in 2024.