Kyoto Group AS

Regulatory Filings • Nov 24, 2022

First commercial installation reaches key milestones

First commercial installation reaches key milestones

Oslo, Norway 24 November 2022 - Kyoto Group is pleased to announce that the

installation of a thermal energy storage solution at Nordjyllandsværket (NJV) in

Denmark has reached three key milestones.

Firstly, the melting of salt in the circulation system tanks has been completed.

Also, two critical parts of the system have been delivered at site and is ready

for installation: the steam generation system (SGS) and the containers and

piping for the circulation system.

"As this is our first commercial contract, this is a significant milestone for

Kyoto Group. At this point, we have successfully delivered and completed three

large milestones and most of the installation on site, and we remain on track

for the planned commissioning in early 2023," says Agnieszka Sledz, Chief

Project Officer of Kyoto Group.

The steam generation system is supplied by Kyoto's strategic partner Aalborg

CSP.

"This is a very important milestone for the project. It shows the close

collaboration between Kyoto and Aalborg CSP to venture into this important

market of storing excess electricity into usable heat, which we can use to

transform and transition the energy supply for not only Northern Europe but the

rest of the world," says Svante Bundgaard, CEO of Aalborg CSP

Kyoto Group is introducing molten salt technology, which has been used for

decades to store heat in concentrated solar power facilities, to new market

segments that have traditionally depended on fossil fuels. This includes

segments such as pulp and paper, food and beverages, chemicals and cogeneration

as well as district heating. Being able to store energy is a necessity to

increase the use of intermittent, renewable energy sources within these areas.

The Heatcube thermal battery at NJV will provide heat to the local district

heating system and is configured with 18 MWh of storage capacity and a discharge

load of 4 MW. The energy input is electricity sourced from the grid, and the

heat is stored in molten salt.

"This is part of a program to test and introduce new clean energy solutions

necessary to further decarbonize the energy mix of Denmark. It will have a

powerful impact on the way we store heat and make it available. So, we're

excited that the project is progressing well towards commissioning," says Søren

Gais Kjeldsen, CEO of Nordjyllandsværket

NJV is located in Vodskov, Nordjylland, Denmark and is owned by Aalborg

Forsyning, a utility company that is part of the municipality of Aalborg. The

Heatcube installation is provided under a battery leasing agreement with Aalborg

Forsyning.

For more information, 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 costeffective 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).

More information on www.kyotogroup.no

About Aalborg Forsyning

Aalborg Forsyning supplies the citizens of Aalborg Municipality with district

heating, gas and water, just as Aalborg Forsyning diverts waste water, collects

waste and offers energy advice. Aalborg Forsyning is anchored in Aalborg

Municipality's Environment and Energy Management.

About Nordjyllandsværket A/S

Nordjyllandsværket A/S is located in Vodskov, Nordjylland, Denmark and is part

of the Electric Power Generation, Transmission and Distribution Industry. The

company is owned by Aalborg Forsyning, home of many utility companies owned by

Aalborg municipality.