Oslo, 20 August 2021 - KYOTO Group AS ("KYOTO Group" or "the Company") today
reported its results for the first half of 2021. The Company is fully engaged in
executing its growth strategy of becoming the long-term viable provider of
thermal energy storage in the Nordic market, and further expanding to meet a
growing demand for electrification, thermal energy, and storage solutions. 

Key events:

OPERATIONAL 

1. First full-scale Heatcube(TM) thermal battery ordered for commercial
installation as a demonstration unit
2. Ongoing activities to broaden project pipeline with leads in the Nordic
region
3. New board established with extensive industry and renewable energy competence
4. Appointed new CEO, CFO and interim CTO 
5. Scaling organization with 14 additional FTEs to execute on long-term growth
strategy

FINANCIAL

1. Raised NOK 183.3 million of new equity in from four private placements in the
first half of 2021
2. Shares admitted to trading on Euronext Growth from 24 March
3. End of period cash position of NOK 158.9 million

KYOTO Group disconnects the time power is made from when it is used by
leveraging increasing energy market fluctuations and excess power from wind and
solar. The Company offer competitive, reliable, and efficient storage of energy
and seamless delivery of heat to industrial customers, when it is needed.

"KYOTO Group is founded on the idea that a molten salt thermal battery could
significantly reduce carbon emissions   in   industrial   heat   generation   by
  reducing   wind   and   solar   power   productivity fluctuations," says
Christopher Kjølner, the CEO of KYOTO Group. "We have moved beyond the 'idea'
phase and have ordered the first Heatcube for commercial installation, backed by
an experienced team and industrial owners. Now we are moving from start-up to
scale-up with the commercialization of our solution supported by the recent
capital raises and Euronext Growth listing and a clear long-term growth
strategy."

During the first half, KYOTO Group raised NOK 183.8 million of new equity to
fund execution of the growth strategy, followed by a listing on Euronext Growth
in Oslo in March. The funds will be deployed on continued investments in
technology, commercialisation and the Kyoto Group organisation. At 30 June, the
Company's cash position amounted to NOK 158.9 million. 

The first half report and presentation are attached to this release. 

Webcast at 09:30 CEST:

CEO Christopher Kjølner and CFO Camilla Nilsson will present the company's
results today at 09:30 CEST, and invite investors, analysts and media to join
the webcast presentation. The presentation is expected to last up to one hour,
including Q&A.

Please register to join the webcast via the following link: 
https://www.kyoto.group/half-year-report-webcast-registration-20-aug-2021

You can follow the webcast via the following link:
https://www.kyoto.group/half-year-report-streaming-20-aug-2021

Questions can be submitted through the online webcast during the presentation. A
recorded version of the presentation will be made available at www.kyoto.group
after the presentation has concluded.

For additional information, please contact: CFO, Camilla Nilsson, +47 48 29 56
85 or camilla@kyoto.group

About Kyoto Group 
Kyoto Group aims to capture and manage the abundant energy from variable
renewable sources such as solar and wind power and apply it to reduce the CO2
footprint for industrial thermal loads. The Company, founded in 2016, plans to
operate and sell Heatcube thermal batteries with capacity from 5MW and upwards,
enabling industrial consumption of low-cost heat sourced from excess solar and
wind energy. This information is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act.