Kyoto Group Annual Report 2021

By Kyoto Group, 28. Apr 2022

Oslo, 28 April 2022 - Kyoto Group AS (“Kyoto Group”) today published its Annual Report for 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. Kyoto Group is rapidly developing its service offering to meet the growing industrial demand for heat produced by electricity amid the increasing pressure to phase out fossil fuels and is targeting steep growth already for 2022. 





Download the Annual Report Presentation in PDF format here


Key events:


  • Pilot test finalized and converted to R&D test centre

  • New board established with extensive industry and renewable energy competence

  • Appointed new interim CEO, CFO and CTO

  • Growing the Executive Management Team to support the growing organization and increase commercial focus

  • Scaling organization with 14 additional FTEs to execute on long-term growth strategy

  • First full-scale Heatcube thermal battery ordered for commercial installation as a demonstration unit at Nordjyllandsværket

  • Ongoing activities to broaden the project pipeline with leads in the Nordic region

  • Maturing multiple industrial prospects for commercial Heatcube projects in Europe together with partners



  • Raised NOK 183.9 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 2021 cash position of NOK 117 596 065


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.

“For Kyoto Group, 2021 was all about building capacity for the future scale. From working actively with business development and sales to developing our culture and organization, while nurturing partnerships and expanding our supplier network. Every area within our scale-up, green energy organization is solidifying and developing beyond our start-up roots," says Kyoto Group CEO Camilla Nilsson. 

In order to fund growth, Kyoto Group raised NOK 183.8 million of new equity during the first half of 2021, followed by a listing on Euronext Growth in Oslo in March. In July, Kyoto Group placed an order for the first Heatcube thermal battery, to be installed as a commercial demonstration unit. In November, Kyoto Group signed its first commercial contract for the Heatcube thermal battery solution under a battery leasing agreement with Aalborg Forsyning in Denmark. At 31 December 2021, the Company’s cash position was NOK 117.6 million. 

The Annual Report for 2021 you can find here.


Webcast at 10:00 CEST:

CEO, Camilla Nilsson and CCO, Tim de Haas will present the company's results today at 10:00 CEST, and invite investors, analysts and media to join the webcast presentation. The presentation is expected to last about one hour, including Q&A.

Please register to join the webcast via the following link: https://www.kyoto.group/annual-report-2021 

A recorded version of the presentation will be made available at www.kyoto.group after the presentation has concluded.


For additional information, please contact:

Kyoto Group CEO Camilla Nilsson +47 48 29 56 85 or camilla@kyotogroup.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Camilla Nilsson, CEO in Kyoto Group AS, on 28 April 2022.


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 plans to lease & operate and sell Heatcube thermal batteries with capacity from 5MW, enabling industrial consumption of low-cost heat sourced from excess solar and wind energy.


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