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RNS - Kyoto signs MoU with world-leading renewable energy company to decarbonize industrial heat

Company: Kyoto Group AS Date: 2023-04-20 Language: English Register to download

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 Kyoto signs MoU with world-leading renewable energy company to decarbonize industrial heat

# Kyoto signs MoU with world-leading renewable energy company to decarbonize industrial heat

Oslo, Norway 20 April 2023 - Kyoto Group and a world-leading renewable energy  

company will cooperate on introducing Kyoto's thermal energy storage solutions  

to industrial customers and have already submitted co-developed offers to  

several specific customers.  

  

"This is a game-changer for Kyoto. It fits perfectly into our strategy of  

collaborating with energy companies, and this company is a global leader in  

renewable energy with very ambitious targets and investment plans. The company  

has identified industrial heat as a key investment area and has a huge base of  

industrial customers who will benefit from combining wind and solar power with  

thermal energy storage," says Camilla Nilsson, CEO of Kyoto Group.  

  

The company, one of the world's largest electricity companies by market  

capitalization, plans to market Kyoto's Heatcube thermal energy storage solution  

as green industrial heat and will purchase Heatcubes from Kyoto to provide heat  

as a service (HaaS) to customers. Kyoto will then offer services related to  

Heatcube under a service agreement. Heat stored in Heatcube may be combined with  

electrical energy with guaranteed renewable origin from the company´s portfolio.  

  

"We accelerate the electrification of our energy systems through investments in  

clean generation and energy storage, which is crucial as variable sources such  

as wind and solar constitute an increasing share of the energy mix. For  

industrial customers that need stable process heat, Kyoto's thermal energy  

storage solution is an attractive way to decarbonize," says the Head of  

Industrial Decarbonization of the company.  

  

The memorandum covers specific customer projects in the pulp & paper, food, and  

construction materials industries.  

  

"This strengthens our current pipeline, which we will continue to grow through  

partners and direct dialogues with industrial end-users and accelerates our  

market breakthrough. The combination of the opportunities presented by this  

company and our other channels to the market means we are confident that we will  

progress to commercial agreements in 2023," says Nilsson.  

  

Kyoto's Heatcube provides thermal energy storage and heat generation in one  

product. It supplies industrial customers with the technology needed to lower  

both their costs for producing process heat and their CO2 emissions through the  

use of intermittent renewable energy sources instead of fossil fuels for heat  

production.  

  

The Kyoto Heatcube can be configured with storage capacities from 16 MWh to over  

96 MWh, with a discharge effect for each Heatcube of up to 5 MW. It is an  

innovative, low-cost, and modular storage solution for thermal energy that can  

use multiple renewable energy sources to heat molten salt to over 415 degrees  

Celsius. The high-temperature salt is then used to produce steam for industrial  

production processes.  

  

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).  

  

About the renewable energy company  

  

The company is a global energy leader and one of the largest electricity  

companies by market capitalization. The company has accelerated the energy  

transition in order to combat climate change and supplies energy to millions of  

people in different countries.