Oslo, Norway 10 January 2023 – Kyoto Group and Kyotherm SAS have entered into a letter of intent to cover finance for projects involving Kyoto Group’s Heatcube thermal energy storage solution.
The intent is to identify suitable projects in Kyoto’s existing pipeline that Kyoto will build and operate with financing provided by Kyotherm. The projects will then provide renewable heat to customers under Heat-as-a-service contracts (HaaS).
“Kyotherm is a perfect financing partner for Kyoto due to its combination of in-depth industry knowledge and experience in structuring and financing similar projects. We very much look forward to exploring project financing through Kyotherm as a supplement to equity financing of Kyoto’s growth plans,” says Håvard Haukdal, CFO of Kyoto Group.
Founded in 2011, Kyotherm is a leading European investment company specialized in the financing of renewable heat production and energy efficiency projects. As of November 2022, it has financed, owns, manages, or has committed to fund a total of 40 projects, representing an aggregate capacity of 207 MW and a production of more than 860 000 MWh per year in savings or renewable energy. Kyotherm is present in eleven countries across Europe, the United States, and North Africa.
Kyoto and Kyotherm have so far chosen two potential projects in Spain for initial exploration. Kyoto Group is working on several initiatives in Spain, where the company also has a technology center. Kyotherm recently entered the Spanish market by financing a solar thermal plant in the third quarter of 2022.
“Solar thermal and thermal storage are key investment assets for Kyotherm, and we are keen on exploring our capability to support Kyoto and the commercialization of the Heatcube,” says Arnaud Susplugas, CEO of Kyotherm.
The 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)
+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
Kyotherm is a European Energy-as-a-Service investment company and energy producer dedicated to renewable heating and energy efficiency projects, with varied technologies including solar thermal, biomass, geothermal, storage and waste heat energy as well as district heating networks and installations allowing reduced energy consumption. As of November 2022, it has financed, owns, manages, or has committed to fund a total of 40 projects, representing an aggregate capacity of 207 MW and a production of more than 860 000 MWh per year in savings or renewable energy. The company is headquartered in Paris, France, and is present in 11 countries. More information on www.kyotherm.com