Kyoto Group AS

Regulatory Filings • Sep 5, 2023

Kyoto unveils commercial installation of groundbreaking technology to accelerate industrial decarbonization

Kyoto unveils commercial installation of groundbreaking technology to accelerate industrial decarbonization

Oslo, Norway, 5 September 2023 - Kyoto Group is thrilled to announce the

official inauguration of its revolutionary Heatcube thermal storage system at

Norbis Park in Denmark. This momentous moment will be celebrated with a live

-streamed event.

"We are proud to lead the change towards a greener future. This achievement

displays the effectiveness of our thermal energy storage technology and paves

the way for a future where industrial process heat is sourced from clean,

renewable electricity, enabling the industry to finally decarbonize," says

Camilla Nilsson, CEO of Kyoto Group.

Norbis Park is an industrial park (formerly known as Nordjyllandsværket power

plant) and dedicated to developing innovative green energy solutions. It is

owned by Aalborg Forsyning, a regional utility.

"We have had a really good and instructive collaboration with Kyoto Group, and

this is a good example of what we want to do with our new test centre - to

develop and demonstrate new, groundbreaking and green technologies in

collaboration with companies, researchers and authorities," says Søren Gais

Kjeldsen, CEO of Aalborg Forsyning.

The Heatcube installed at Norbis Park has a storage capacity of 18 MWh and a

dischargecapacity of 4 MW. It serves as a heat storage system, absorbing power

from the electrical grid, storing thermal energy in molten salt and delivering

heat to the district heating system, making solar and wind a viable alternative

to fossil fuels for district heating.

"This installation marks the first application of molten salt energy storage

technology in a new market segment, despite its long-standing use in

concentrated solar power facilities. This is a significant milestone, advancing

the efforts to decarbonize heat through electrification. I would like to thank

Nordjyllandsværket and Aalborg Forsyning for the extraordinary collaboration,"

says Camilla Nilsson.

The inauguration will be attended by business partners, including Aalborg

Forsyning, Aalborg CSP, Yara International, CyD, Vulcanic, Royal Institute of

Technology, Rpow and Innovation Norge. Kyoto will be represented by the

management group as well as Eivind Reiten, Chairman of the Board, and former

energy minister of Norway as well asCEO of Norsk Hydro. Katja Nordgaard,

Norway's ambassador to Denmark, will also attend.

The event will be live streamed at 12:00 noon CEST. Please register here to

participate: Here (https://events.teams.microsoft.com/event/db65c178-e319-4c9d

-9f19-ca910cb866e6@94fe11a3-37d9-4f50-a215-4fd295985b73)

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).

About Aalborg Forsyning

Aalborg Forsyning is one of Denmark's largest utility companies supplying the

greater Aalborg area with water, district heating, cooling, gas, and disposal of

wastewater. Aalborg Forsyning is in the middle of an ambitious green transition

phasing out the use of coal at the power plant, Nordjyllandsværket, and

introducing new green technologies in replacement.

About Norbis Park

Aalborg Forsyning is creating a new district with a green test center at

Nordjyllandsværket called Norbis Park where new, green technologies can be

developed and tested. The proximity to green electricity and heat production and

CO2-containing waste gas offers excellent conditions for utilizing resources

that would otherwise go to waste.