Kyoto Group AS

Regulatory Filings • Nov 3, 2022

Kyoto Heatcube wins Hungarian tender

Kyoto Heatcube wins Hungarian tender

Oslo, Norway 3 November 2022 - Kyoto Group is pleased to announce that it has

won a competitive tender in Hungary to install its Heatcube thermal energy

storage solution at a major power plant.

The customer is Reliable Energy Group, a Hungarian service provider for solar

plants and developer of battery and heat storage facilities. The Heatcube is to

be installed at the CCGT power plant of a major European energy company in

Budapest.

"We're impressed by the potential of the Heatcube. It was selected as the most

suitable and cost-effective solution. We're excited to be working with the Kyoto

team to realize this innovative project, which is important to integrate more

renewable sources in the energy mix," says Tamás Pusztai, CEO of Reliable Energy

Group.

A letter of intent has been signed, and the goal is to enter into a commercial

agreement shortly, under which Reliable Energy Group will purchase the Heatcube.

The installation is planned for the second half of 2023.

The project comprises 56 MWh of thermal storage, which will be connected to a

steam generator providing electricity back to the grid.

"This is the first power-to-heat-to-power configuration of Kyoto's Heatcube. We

competed for an already approved project against five other providers of heat

storage based on various technologies, proving the versatility and cost

-effectiveness of our recently announced second generation Heatcube," says Tim

de Haas, Chief Commercial Officer of Kyoto Group.

The Heatcube can be configured with storage capacities from 16 MWh to over 96

MWh, with a charge effect of either 10, 20 or 30 MW and a discharge effect for

each Heatcube of up to 5 MW.

Reliable Energy Group has received public funding for innovative thermal energy

storage used to integrate renewable energy sources into the grid to increase

energy efficiency.

"Authorities and utilities across Europe are increasingly looking for ways to

add flexibility on the demand side to fully utilize intermittent renewable

energy. This project illustrates that our heat storage solution can play a key

part in the future energy market. We look forward to helping integrate more

emission-free energy sources into the energy mix of Hungary," says Camilla

Nilsson, CEO of Kyoto Group.

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 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).

More information on www.kyotogroup.no

About REG Zrt.

Reliable Energy Group Zrt. was formed in 2014 as a Hungarian-owned business. The

pioneering company in the market of Solar PV plants was one of the first

businesses to launch its assets management, full operation and maintenance and

scheduling services and develop AI solutions for managing the scheduling. The

operation of REG Zrt. with a dynamic annual business growth-rate is based on the

high-level services provided for utility scale PV plants, as well as smaller

institutional and residential solar power plants. Due to grid issues the company

is planning to enter into the Energy Storage market as well.