Kyoto Group Annual Report 2022


Oslo, Norway, 24 April 2023 – Kyoto Group today published its 2022 Annual Report and will provide a live business update on the commercialization of its Heatcube thermal energy storage solution.


“2022 was a year of tremendous progress for Kyoto. We installed the first commercial Heatcube, built a strong commercial pipeline, launched the second-generation Heatcube and significantly strengthened the organization. This formed the foundation for the recently announced cooperation with a world-leading renewable energy company, providing us with game-changing market access in 2023,” says Camilla Nilsson, CEO of Kyoto Group, and adds:


“As we have progressed as a company, the case for decarbonizing industrial heat has also become even more compelling during 2022. Radical political change is taking place to change the world’s CO2 trajectory, and the necessary growth of wind and solar is impossible to sustain without energy storage. Half of the world’s energy is used for heat, and half of that again is for industrial process heat. This illustrates Kyoto’s huge potential market.”


Highlights from 2022:

  • First commercial Heatcube at Nordjyllandsværket constructed
  • Commercial pipeline of 2 100 MWh storage developed
  • 7 LoIs for Heatcubes signed
  • Strong European Supply chain established
  • Heatcube 2.0 launched  
  • World-class molten salt expertise in Spain established
  • R&D collaboration with KTH strengthened
  • Strengthened organization to support growth ambitions

Kyoto Group today provides a live business update. Highlights:

  • Nordjyllandsværket installation completed, only grid connection and last phase of hot commissioning remains
  • 40% increase in commercial pipeline over past six months
  • MoU signed with world-leading renewable energy company with several offers for green heat to its customers
  • LoIs and MoUs signed with potential partners and customers 
  • Heatcube supply chain established
  • 3 patents in filing/filed
  • Maintains target of 5–10 commercial orders in 2023, starting to materialize in Q2
  • Maintains target of EBITDA break-even in 2025

CEO Camilla Nilsson, CCO Tim de Haas and CFO Håvard Haukdal will present the business update at 14:00 CEST today. The presentation will be streamed and is expected to last about an hour, including a Q&A session. Questions may be submitted before and during the presentation. Please send them to lelagh.trewhella@kyotogroup.no. Sign up for access to the live stream: https://www.kyotogroup.no/business-update-live  


A recorded version of the presentation will be made available on the company’s website after the presentation has concluded.

Access the Annual Report 2022 in PDF format here. 


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).

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