Kyoto Group AS

Regulatory Filings • Mar 21, 2024

Global leader in energy management orders engineering study for Heatcube in Europe

Global leader in energy management orders engineering study for Heatcube in Europe

Oslo, Norway 21 March 2024 - Kyoto Group is pleased to announce that a global

leader in energy management has ordered an engineering study for a Heatcube at

one of their industrial sites, in Europe.

At the site in Central Europe, the company is involved in the development and

transition of a pre-existing industrial park into a sustainable and

environmentally friendly eco-industrial park. With a clear directive to reduce

and replace the supply of gas, they have chosen Kyoto Heatcube to move forward

with, commencing with an engineering study.

The engineering study covers a wide range of essential elements necessary for

project preparation. These include, but are not limited to, a detailed system

description outlining the final solution, a thorough mass and energy balance

analysis to ensure operational efficiency at this site, agreed performance

warranties to guarantee functionality, and a firm commercial offer outlining

final project costs and terms.

The engineering study will start in March 2024 with the aim of entering into a

commercial agreement for Heat as a Product (HaaP) by mid 2024.

The company's senior project manager explained, "We were impressed by Heatcube's

technological capabilities and its flexibility services. Utilizing this

technology on the reserve market while simultaneously electrifying the supply of

process heat in the industrial park to our customers validates our commitment to

progress and contributes significantly to our decarbonization targets."

Designed with 48 MWh of storage capacity and offering an annual capacity of more

than 21 GWh, this Heatcube will result in a CO2 reduction of more than 5,000

tons annually at the site.

Tim de Haas, Chief Commercial Officer of Kyoto Group added, "The initiation of

the engineering study at the Industrial site in Europe marks a significant step

in our already successful collaboration. Anticipating the commencement of the

study in March, we are eager to reinforce our dedication to supporting not only

the transformation of this pre-existing industrial park into an eco-industrial

park but also to support numerous other industrial parks pursuing similar

environmental transformations as part of their commitment to sustainability."

For further information, please contact:

Håvard Haukdal, Kyoto Group CFO

havard.haukdal@kyotogroup.no

+47 48 10 65 69

About Kyoto Group

Heat accounts for two thirds of industrial energy consumption. Traditionally,

nearly all of it is based on fossil fuels. Kyoto Group's Heatcube, a thermal

energy storage (TES) solution, provides a sustainable and cost-effective

alternative by capturing and storing abundant but variable energy from sources

such as solar and wind. Founded in 2016, Kyoto Group is headquartered in Oslo,

Norway, and has subsidiaries in Spain and Denmark. The Kyoto share is listed on

Euronext Growth (ticker: KYOTO). www.kyotogroup.no