Oslo, Norway 10 January 2023 – Kyoto Group is pleased to announce that it has signed a Letter of Intent (LOI) to install a Heatcube thermal storage battery at the production facility of a leading company within the agrifood industry in Spain.
The facility produces olive pomace oil, which is made by processing residual material from the initial production of olive oil. This processing requires substantial energy, heat under production, which is today provided by natural gas.
“We have always been committed to making our products in an ecological and sustainable way. The Heatcube will enable us to substantially reduce the consumption of natural gas for heat during the production process, making our oils even more sustainable,” says the technical director of Kyoto’s partner.
The installation is planned for the fourth quarter of 2023.
“This is our second letter of intent within the Spanish food industry. It underlines the potential of the Heatcube in Spain, a country long familiar with molten salt as a heat storage technology due to its use in the concentrated solar power industry,” says Pedro Montoro Sanchez, Commercial Director Iberia of Kyoto Group.
The Heatcube planned for installation at the facility will have 64 MWh of thermal storage capacity, with a charge capacity of 10 MW and a discharge capacity of 5 MW. Total heat consumption at the facility is 34 GWh per year.
The Heatcube can be configured with storage capacities from 16 MWh to 96 MWh, with a charge capacity of either 10, 20 or 30 MW and a discharge capacity up to 5 MW.
“There is immense interest in the Heatcube as a source of stable industrial heat and steam based on electricity from intermittent energy sources such as solar and wind instead of natural gas. And as our first commercial installation in Denmark is now approaching completion, confidence in the technology among potential customers is increasing, and our discussions are becoming ever more advanced and specific,” says Tim de Haas, Chief Commercial Officer of Kyoto Group.
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