About Azelio
Azelio is an Energy & Utilities company based in Goteborg (Sweden) founded in 2008 by Dhananjay Abhang and Shantanu Khanwelkar. Solar thermal energy generation technology is provided using Stirling engines. Azelio has raised $11.53 million across 3 funding rounds from investors including GAIL. Its Indian entity Cleanergy Tech Solutions Private Limited reported revenue of ₹78.9 Lakh. Its focus areas include Energy Tech, Renewable Energy Tech, Solar Energy and Energy Storage.
Company details
Azelio was founded in 2008 in Gothenburg, Sweden, and operates within the renewable energy sector. Solar thermal solutions are developed, including a CHP system powered by the GasBox Stirling engine for generating electricity from low-grade methane at landfill sites, farms, and wastewater treatment plants. Additionally, the CSP system, driven by the SunBox Stirling engine, enables power production from solar energy at grid parity levels.
- Headquarters Goteborg, Sweden
- Founders Dhananjay Abhang, Shantanu Khanwelkar
- SectorsEnergy & Utilities
- Website azelio.com
- Social LinkedIn X
- Legal Name Cleanergy Tech Solutions Pvt. Ltd
- Date of Incorporation 09 Jul, 2019
- Jurisdiction Pune, Maharashtra, India
- Indian entity revenue₹78.9 Lakh
FY 2024 · +46% YoY
- Indian entity net loss-₹12.4 Lakh
FY 2024 · -16% margin
- Indian entity EBITDA-₹11.5 Lakh
FY 2024 · -15% margin
- Total Equity Funding$11.53M (USD)
in 3 rounds
- Latest Funding Round$20.09K (USD), Series A
Nov 2021
- Investors
Associated legal entities of Azelio
Azelio operates through Cleanergy Tech Solutions Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Cleanergy Tech Solutions Private Limited CIN U37200PN2019PTC185328 | Active | 09 Jul 2019 | Pune, Maharashtra | ₹0.8 Cr | 2 | View details |
Funding Insights of Azelio
Azelio has successfully raised a total of $11.53M across 3 strategic funding rounds. The most recent funding activity was a Series A round of $20.09 thousand completed in November 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $11.53M
- Total Rounds 3
- Last Round Series A — $20,093
- First Round $11.46M
(Jun 2018)
- Investors Count 1
All 3 funding rounds of Azelio with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
1 investors in total: 1 institutional.
Investors in Azelio
Azelio has secured backing from 1 investor, including institutional investors. Prominent investors backing the company include GAIL.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Natural gas exploration, production, transmission, marketing, and processing are conducted. | 1984 | gailonline.com | Delhi, India |
Investor details for Azelio
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
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Board of directors of Cleanergy Tech Solutions Private Limited (Azelio)
Cleanergy Tech Solutions Private Limited is the primary company behind Azelio. The board of Cleanergy Tech Solutions Private Limited currently have 2 directors; the longest-serving is Dhananjay Nilkanth Abhang, appointed in 2019. 3 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Dhananjay Nilkanth Abhang DIN 07753832 | Director | 09 Jul 2019 | 7 yrs 3 mo | Cleanergy Tech Solutions Private Limited |
| Arun Nandkishor Dixit DIN 08364348 | Director | 25 Mar 2021 | 5 yrs 7 mo | Cleanergy Tech Solutions Private Limited |
People of Azelio
17 people are tracked at Azelio (5 in leadership, 5 in board & advisors, 7 in team).
| Name | Role | Group |
|---|---|---|
| Co-Founder & Director | Leadership | |
Shantanu Khanwelkar | Co-Founder & Director | Leadership |
Torbjörn Lindquist | CTO | Leadership |
Gustaf Albèrt | CFO | Leadership |
Ingemar Hagberg | Delivery Leader & Head Of Manufacturing | Leadership |
Kent Janér | Board Member | Board & advisors |
Pär Nuder | Board Member | Board & advisors |
Bo Dankis | Chairman | Board & advisors |
Bertil Villard | Board Member | Board & advisors |
Hicham Bouzekri | Board Member | Board & advisors |
Helena Herbertsson | PD Management | Team |
Anders Engberg | Tech & Mech - Manager Azelio Åmål | Team |
Andreas Berntsson | Senior Mechanical Design Engineer | Team |
Linda Dyab | Senior Technical Analyst | Team |
Kjell Jordansson | R&d Engineer | Team |
Leif Karlbrink | Projektledare | Team |
Huiguo Wu | Product Manager | Team |
Complete people profiles for Azelio
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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Financials of Azelio
Figures of Cleanergy Tech Solutions Private Limited, the primary company behind Azelio, for FY 2024. Revenue was ₹78.9 Lakh (+46% year on year). Net loss was -₹12.4 Lakh (-16% margin). EBITDA was -₹11.5 Lakh (-15% margin). Revenue has grown at a compounded annual rate of +197% over three years.
- ₹78.9 LakhRevenue · FY 2024 · +46% YoY
- -₹12.4 LakhNet loss · -16% margin
- -₹11.5 LakhEBITDA · -15% margin
- ₹25.6 LakhPaid-up capital
- +197%Revenue CAGR, 3 years
Balance sheet, profit and loss, cash flow and ratios of Cleanergy Tech Solutions Private Limited are on its company page.
Detailed financial statements for Azelio
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
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Timeline of Azelio
3 dated milestones of Azelio across 13 years, from founding to its latest funding, stage changes and deals.
- Founded Azelio is founded.
- Funding First funding round of $11.5M.
- Funding Latest funding round, Series A, of $20K.
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Frequently Asked Questions about Azelio
Azelio was founded in 2008 and raised its 1st funding round 10 years after it was founded.
Azelio is headquartered in Goteborg, Sweden. It is registered at Goteborg, Vastra Gotaland, Sweden.
Azelio is a funded company, having raised a total of $11.53M across 3 funding rounds to date. The company's 1st funding round was a Series A of $11.46M, raised on Jun 2018.
The primary company behind Azelio, Cleanergy Tech Solutions Private Limited, reported revenue of ₹78.9 Lakh for FY 2024, up 46% year on year.
Azelio was founded in 2008 in Gothenburg, Sweden, and operates within the renewable energy sector. Solar thermal solutions are developed, including a CHP system powered by the GasBox Stirling engine for generating electricity from low-grade methane at landfill sites, farms, and wastewater treatment plants. Additionally, the CSP system, driven by the SunBox Stirling engine, enables power production from solar energy at grid parity levels.
Azelio has 1 investor. Key investors include GAIL.
Azelio operates through Cleanergy Tech Solutions Private Limited.
The legal entities of Azelio currently have 2 directors, including Arun Nandkishor Dixit, Dhananjay Nilkanth Abhang.