Kyoto Group AS

Regulatory Filings • Aug 24, 2022

Kyoto Group signs LoI with Glomma Papp for Thermal Energy Storage Solution

Kyoto Group signs LoI with Glomma Papp for Thermal Energy Storage Solution

Lysaker, Norway 24 August 2022 - Kyoto Group AS and Glomma Papp AS have signed a

Letter of Intent (LoI). The two companies will enter negotiations of a supply

agreement for Kyoto's Thermal Energy Storage (TES) solution, the HeatcubeT.

Glomma Papp, a Norwegian corrugated cardboard manufacturer, and Kyoto will

jointly complete a detailed technical and commercial evaluation of the

feasibility of Kyoto's HeatcubeT with the goal of entering into a supply

agreement with predicted commissioning during the summer of 2023.

The HeatcubeT, a thermal energy storage system, provides 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.

"This is further proof of our commitments to sustainability and to reducing CO2

emissions from our processes and actively being a part of the green transition

for the corrugated industry. Kyoto's HeatcubeT offers an interesting potential

for us and we are excited to explore this opportunity in all details." says John

Stevenson, Technical Manager at Glomma Papp AS.

The Kyoto HeatcubeT can be configured with storage capacities from 8 MWh to over

96 MWh, with a discharge effect for each HeatcubeT 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 450 degrees

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

production processes.

"We are grateful for the productive collaboration with Glomma Papp in exploring

all the benefits our HeatcubeT brings them. In offering industrial heat through

a HeatcubeT thermal battery, our ambition is to help the industrial sector

reduce emissions and improve the security of supply at a lower cost," says Kyoto

Group CCO Tim de Haas.

For more information, contact:

Camilla Nilsson, CEO Kyoto Group AS

camilla@kyotogroup.no

+47 48 29 56 85

John Stevenson, Technical Manager Glomma Papp AS

john.stevenson@glommapapp.no

+47 951 27 284

About Kyoto Group

Kyoto Group offers a thermal battery, the HeatcubeT, to produce, store and

supply renewable heat to industrial players. The HeatcubeT secures heat supply

based on renewable energy for industrial production processes, enabling various

industries to significantly reduce their CO2 footprint. The HeatcubeT uses lower

-cost energy sourced from excess solar and wind power.

www.kyotogroup.no

About Glomma Papp

Glomma Papp AS has been designing, developing, and manufacturing packaging and

display solutions for business markets since 1931. Throughout the history and up

to the present day, Glomma Papp AS has received several national and

international awards for their work. Glomma Papp AS's vision is to inspire and

improve. Through innovative ideas, high quality and close follow-up, Glomma Papp

AS creates growth and development for all their customers. The company values

are reliable, innovative, and personal. A close collaboration with Glomma Papp

AS pays off.

www.glommapapp.no