Regulatory Filings • Apr 20, 2023
Regulatory Filings
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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
+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.
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