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.
First full-scale HeatcubeTM thermal battery ordered for commercial installation as a demonstration unit
Ongoing activities to broaden project pipeline with leads in the Nordic region
New board established with extensive industry and renewable energy competence
Appointed new CEO, CFO and interim CTO
Scaling organization with 14 additional FTEs to execute on long-term growth strategy
Raised NOK 183.3 million of new equity in from four private placements in the first half of 2021
Shares admitted to trading on Euronext Growth from 24 March
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.
Download the first half 2021 documents here:
For additional information, please contact:
CFO, Camilla Nilsson, +47 48 29 56 85 or firstname.lastname@example.org
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.