Oslo, Norway 20 March 2023 - In response to questions about the change to the
Board of Directors, Kyoto Group would like to update investors on the company's
"The Hydro representative stepping down from the board does not imply any change
for Kyoto operationally. Hydro has publicly communicated that it is awaiting a
capital partner for Hydro REIN, the business unit involved in industrial
decarbonization, before prioritizing further development. Awaiting a more
energetic market approach from Hydro REIN, Kyoto has chosen to put most
resources into other market avenues and is currently working with more than 40
industrial clients or energy partners regarding Heatcube deployment in Europe,
including leading global renewable energy companies actively offering Heatcube
to their industrial clients," says Camilla Nilsson, CEO of Kyoto Group.
Below is an update on Kyoto Group's commercial progress.
First commercial installation
Progress of Kyoto's first commercial installation of Heatcube, the thermal
energy storage solution, at Nordjyllandsværket (NJV) in Denmark has been smooth
and without obstacles. The majority of cold commissioning and all low-voltage
hot commissioning is finalized. High-voltage commissioning and the formal
handover are awaiting connection to the Nord Energi net, which is an NJV
process, planned for the second quarter and unrelated to Heatcube.
Growing commercial pipeline
Kyoto's commercial pipeline has grown by 25 percent since the Capital Markets
Day in October 2022 and is now 2,600 MWh. The pipeline includes both industrial
companies and multinational energy companies offering Heatcube to their clients,
with a particular emphasis on Europe and our own business unit in Spain, where
molten salt, our basic energy storage technology, is known because it has been
used for decades at concentrated solar power plants.
Kyoto is in the final stage of tendering all the key equipment for the next ten
second-generation Heatcubes. Strong and strategic suppliers are shortlisted, and
negotiations are ongoing. Kyoto will be ready to hand over a commissioned
Heatcube two to three quarters after the signing of a commercial contract.
Kyoto is in the process of filing three innovative patent applications related
to key aspects of Heatcube.
The regulatory framework in the EU is changing rapidily. Last week the European
Commission published both the proposed reform of the electricity market design,
with significant incentives for energy storage, as well as the Net Zero Industry
Act to accelerate the clean energy transition and scale up of clean
"The premise that industry needs to decarbonize its process heat is hardly
challenged by anyone anymore, and Kyoto provides storage solutions that enable
industrial process heat to be based on wind and solar rather than fossil fuels.
We have a proven technology, an attractive cost position and an increasingly
advanced commercial pipeline. We are more optimistic and have stronger support
than ever from the market, partners and the regulatory environment in both
Europe and the US," says Ms. Nilsson.
For further information, please contact:
Camilla Nilsson, Kyoto Group CEO
+47 482 95 685
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