Kyoto Group AS

Report Publication Announcement • Apr 24, 2023

Kyoto Group: Annual report 2022 and business update

Kyoto Group: Annual report 2022 and business update

Oslo, Norway 24 April 2023 - Kyoto Group today published its 2022 Annual Report

and will provide a live business update on the commercialization of its Heatcube

thermal energy storage solution.

"2022 was a year of tremendous progress for Kyoto. We installed the first

commercial Heatcube, built a strong commercial pipeline, launched the second

-generation Heatcube and significantly strengthened the organization. This

formed the foundation for the recently announced cooperation with a world

-leading renewable energy company, providing us with game-changing market access

in 2023," says Camilla Nilsson, CEO of Kyoto Group, and adds:

"As we have progressed as a company, the case for decarbonizing industrial heat

has also become even more compelling during 2022. Radical political change is

taking place to change the world's CO2 trajectory, and the necessary growth of

wind and solar is impossible to sustain without energy storage. Half of the

world's energy is used for heat, and half of that again is for industrial

process heat. This illustrates Kyoto's huge potential market."

Highlights from 2022:

·

First commercial Heatcube at Nordjyllandsværket constructed

·

Commercial pipeline of 2 100 MWh storage developed

·

7 LoIs for Heatcubes signed

·

Strong European Supply chain established

·

Heatcube 2.0 launched

·

World-class molten salt expertise in Spain established

·

R&D collaboration with KTH strengthened

·

Strengthened organization to support growth ambitions

Kyoto Group today provides a live business update. Highlights:

·

Nordjyllandsværket installation completed, only grid connection and last phase

of hot commissioning remains

·

40% increase in commercial pipeline over past six months

·

MoU signed with world-leading renewable energy company with several offers for

green heat to its customers

·

LoIs and MoUs signed with potential partners and customers

·

Heatcube supply chain established

·

3 patents in filing/filed

·

Maintains target of 5-10 commercial orders in 2023, starting to materialize in

Q2

·

Maintains target of EBITDA break-even in 2025

CEO Camilla Nilsson, CCO Tim de Haas and CFO Håvard Haukdal will present the

business update at 14:00 CEST today. The presentation will be streamed and is

expected to last about an hour, including a Q&A session. Questions may be

submitted before and during the presentation. Please send them to

lelagh.trewhella@kyotogroup.no. Sign up for access to the live stream:

https://www.kyotogroup.no/business-update-live

A recorded version of the presentation will be made available on the company's

website after the presentation has concluded.

The Annual Report 2022 is attached to this release.

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 half 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).