Kyoto Group AS

Environmental & Social Information • Oct 26, 2022

Breakthrough thermal energy storage project progressing towards commissioning

Breakthrough thermal energy storage project progressing towards commissioning

Oslo, 26th October 2022 - Kyoto Group today announced that the installation of a

thermal energy storage solution at Nordjyllandsværket in Denmark, the company's

first commercial contract, is progressing well and on track for the planned

commissioning early 2023.

Several project milestones have recently been reached. The fundament has been

cast. The transformer and tanks, including tanks´ insulation and the heat

tracing, have been installed, and melting the salt is in progress, with support

from Kyoto's partner YARA.

Nordjyllandsværket is located in Vodskov, Nordjylland, Denmark and is owned by

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

Heatcube installation is provided under a battery leasing agreement with Aalborg

Forsyning. It is part of a program to test and introduce new clean energy

solutions. The Heatcube thermal battery will provide heat to the local district

heating system. The energy input is electricity sourced from the grid, and the

heat is stored in molten salt.

"Storage of energy in molten salt has been used for decades in concentrated

solar power facilities, where mirrors are used to concentrate sunlight onto a

receiver. Nevertheless, the installation at Nordjyllandsværket is the first

application of this technology in a new market segment, and we're excited to see

the project running smoothly towards commissioning," says Agnieszka Sledz, Chief

Project Officer at Kyoto Group.

"Nordjyllandsværket is Kyoto's first commercial contract and a major milestone

not only for Kyoto but also for the efforts to decarbonize heat through

electrification with renewable energy. A substantial part of global energy usage

is for heat generation, most of which is based on fossil fuels. To use

intermittent sources such as wind and solar for this, we need storage solutions,

and that's what Kyoto is providing," says Camilla Nilsson, CEO of Kyoto Group.

The Heatcube represents an innovative, low-cost and modular solution for thermal

energy storage and can use multiple renewable energy sources to heat molten salt

to over 500 degrees Celsius. The high-temperature salt is then used to produce

steam or a combination of electricity and hot water for industrial use and as

input to district heating systems.

The unit installed at Nordjyllandsværket is configured with 18 MWh of storage

capacity and a discharge load of 4 MW.

For more information, please contact:

Håvard Haukdal, 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).