Kyoto Group AS

Regulatory Filings • May 3, 2022

Kyoto Group and Hydro REIN sign MoU to develop combined renewable energy and thermal energy storage solutions for industrial players

Kyoto Group and Hydro REIN sign MoU to develop combined renewable energy and thermal energy storage solutions for industrial players

Oslo, May 3rd 2022

“We are very happy to announce this collaboration with Kyoto Group. Together we can help our industrial clients decarbonize and optimize both their energy consumption and their heat demand,” says Head of Energy Solutions Nicholas R. Martin in Hydro REIN.

The parties agreed to jointly develop and offer a combined service to industrial partners. Hydro REIN will be offering their renewable energy services including Kyoto’s Heatcube thermal energy storage. Over the next two years, the parties are planning to carry out three to five pilot and commercial projects with industrial partners. Kyoto Group will co-design the solution and participate in serving the clients.

“We are very excited to partner with a key renewable energy player such as Hydro REIN to deliver a joint-offering to the Nordic and European market. Being able to offer industrial heat through a Heatcube thermal battery combined with guaranteed renewable energy will help the industry reduce emissions and improve security of supply at lower costs,” says Chief Commercial Officer Tim de Haas from Kyoto Group.

The Kyoto Heatcube can be configured with capacities from 5 MWh to over 100 MWh, and with charge- and discharge effect for each Heatcube 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 500 degrees Celsius. The high-temperature salt is then used to produce steam for industrial production processes.

For additional information, please contact:

Kyoto Group

Kyoto Group CEO Camilla Nilsson +47 48 29 56 85 or camilla@kyotogroup.no

Hydro REIN

Hydro Energy Head of Communication & Public Affairs, Maria Melfald Tveten +47 90 78 38 02 or maria.tveten@hydro.com

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 process and thereby enables the industry to significantly reduce their CO2 footprint. The Heatcube utilizes lower-cost engery sourced from excess solar and wind energy.

www.kyoto.group

About Hydro REIN

Hydro Rein was established in 2021 as part of Hydro’s strategy to grow in renewables. The company aims at becoming the preferred supplier of renewable power and other energy solutions for industrial clients.

Hydro Rein has a significant pipeline of wind and solar projects in Brazil and the Nordics for long-term power supply to Hydro and other industrial offtakers. Hydro Rein is also developing a range of energy solutions to assist industries with the management and optimization of its energy consumption and storage behind-the-meter.

https://www.hydro.com/en-NO/energy/renewable-growth/

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Camilla Nilsson, CEO and interim CFO in Kyoto Group AS, on May 3rd 2022 at 19.10 CEST.