A Hungarian producer of food ingredients aims to utilize Kyoto’s Heatcube

Oslo, Norway 10 January 2023 – Kyoto Group has entered into a letter of intent with a food ingredient company based in Hungary for a Heatcube thermal storage battery.

The food ingredient company, which is part of a major listed group, has already made a greenfield investment and aims to rely entirely on sustainable energy in the future.

“The food and ingredients industry offers exciting opportunities for Kyoto, as it needs a substantial and steady supply of high-quality process heat in food production. Until now, this is almost exclusively based on natural gas. The Heatcube offers a cost-effective way to utilize the growing supply of renewable energy sources such as wind and solar for process heat, as this project illustrates,” says Tim de Haas, Chief Commercial Officer of Kyoto Group.

The project intends to include 64 MWh of thermal storage supplied by the Heatcube, offering an annual capacity of more than 20 GWh. The parties aim to enter into a commercial agreement by the summer of 2023.

“Sustainability and the use of renewable energy are fundamental targets for our owners. Our motivation for working with Kyoto is to provide a stable and cost-effective supply of sustainable process heat from the Heatcube, and we look forward to maturing this project further,” says the manager of Kyoto’s partner.

Kyoto’s Heatcube provides thermal energy storage and heat generation in one product. It supplies industrial customers with the technology needed to lower both their costs for producing process heat and their CO2 emissions through the use of intermittent renewable energy sources instead of fossil fuels for heat production.

The Kyoto Heatcube can be configured with storage capacities from 16 MWh to over 96 MWh, with a discharge effect for each Heatcube of 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 450 degrees Celsius. The high-temperature salt is then used to produce steam for industrial production processes.

For more information, contact:

Håvard Haukdal, Kyoto Group Chief Financial Officer (CFO)

havard.haukdal@kyotogroup.no

+47 48 10 65 69

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 (ticker: KYOTO). More information on www.kyotogroup.no