Kyoto Group AS

Kyoto establishes Danish subsidiary

Kyoto has established the subsidiary Kyoto Technology Denmark ApS to be closer

to partners and customers in the key Danish market, building on the company's

first commercial contract.

The new subsidiary will be headed by Peter Iversen, who will also be the Chief

Manufacturing Officer of Kyoto Group. A native of Denmark, Mr Iversen has 25

years of international management and supply chain experience from oil, gas,

construction, pharmaceuticals and renewable energy.

"The Danish market has several characteristics that make it ideal for Kyoto, and

I am excited to be working with Peter to leverage the momentum created by our

first commercial contract with Aalborg Forsyning," says Camilla Nilsson, CEO of

Kyoto Group.

The utility Aalborg Forsyning will install Kyoto's Heatcube thermal battery at

the Nordjyllandsværket power plant outside of Aalborg as a commercial

demonstration unit, which will be operational this fall.

The Heatcube is a thermal battery, meaning it stores energy in the form of heat.

The battery is then used to produce steam or a combination of electricity and

hot water for industrial use or district heating systems. It is based on molten

salt technology, which has been used extensively in the Concentrated Solar Power

(CSP) industry.

Several factors make Denmark an attractive market for Kyoto, not least the fact

that nearly half of the country's energy production on the national grid comes

from wind, making it challenging to match production and consumption, creating

the need for energy storage.

"At night, the wind is still blowing, of course. And the prices are low. But

there is almost nowhere to put the energy. You have to get rid of it by giving

it away or paying people to take it. A Heatcube can receive energy during the

night, and customers can benefit by off-loading it as heat during the daytime,"

says Mr Iversen.

The Danish government has set a clear goal of phasing out coal from the power

supply by 2030.

"Both politicians and people are on board, as Denmark quickly wants to become

the greenest country in the world," says Mr Iversen.

For additional information, please contact:

Kyoto Group CEO Camilla Nilsson +47 48 29 56 85 (http://tel:+4748295685) or

About Kyoto Group

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

renewable heat to industrial players. The Heatcube secures heat supply based on

renewable energy for industrial production processes and thereby enables

industries to significantly reduce their CO2 footprint. The Heatcube utilizes

lower-cost energy sourced from excess solar and wind energy.

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