Kyoto & Alfa Laval sign letter of intent

Oslo, Norway 10 January 2023 – Kyoto Group and Alfa Laval AB have entered into a letter of intent to explore joint research and development related to heat exchangers for molten salt technology.

The intent is to sign a technology development agreement shortly for areas such as recovery, transfer and storage of waste heat and heat transfer from electrical heater to various sources of heat using molten salt.

“We are excited to explore common interests with an industrial powerhouse such as Alfa Laval. We see this as a confirmation of the potential in the market for thermal energy storage, in Kyoto’s approach and in our R&D platform and we look forward to formalizing the collaboration,” says Camilla Nilsson, CEO of Kyoto Group.

As a world leader in heat transfer, centrifugal separation and fluid handling, Alfa Laval is active in the areas of Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries and has 17,900 employees.

“At Alfa Laval, we see great potential in thermal energy storage based on molten salt, such as Kyoto’s Heatcube. We also see obvious synergies with our strong technology suit, so we look forward to working with Kyoto to explore the potential of a partnership,” says Jo Vanhoren, President of Business Unit Welded Heat Exchangers at Alfa Laval.

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

About Alfa Laval AB

Alfa Laval is a world leader in heat transfer, centrifugal separation and fluid handling, and is active in the areas of Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth, and driving progress to support customers in achieving their business goals and sustainability targets.

Alfa Laval’s innovative technologies are dedicated to purifying, refining, and reusing materials, promoting more responsible use of natural resources. They contribute to improved energy efficiency and heat recovery, better water treatment, and reduced emissions. Thereby, Alfa Laval is not only accelerating success for its customers, but also for people and the planet. Making the world better, every day. Alfa Laval has 17,900 employees. Annual sales in 2021 were SEK 40.9 billion (approx. EUR 4 billion). The company is listed on Nasdaq Stockholm. More information on www.alfalaval.com