Kyoto Group Capital Markets Day 2022: On the doorstep of market breakthrough with proven technology

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Oslo, Norway 27 October 2022 – Kyoto Group today hosts its Capital Markets Day 2022, presenting the company's technology, strategy, commercial initiatives and medium-term targets. Kyoto also launches the second generation of the company’s Heatcube thermal battery.

“The main message from Kyoto today is that we are now on the doorstep of market breakthrough with an innovative application of a proven technology,” says Camilla Nilsson, CEO of Kyoto Group.

“We are proud to launch Heatcube 2.0, our modular thermal battery now designed for serial production, to match the various demand profiles from industrial customers. This enables us to serve the EUR 1 trillion market for electrification of industrial process heat. We are also starting to report on our pipeline, which has grown to more than 1800 MWh of storage capacity over just the last couple of months, fueled by the geopolitical situation,” Ms Nilsson adds.

Addressing huge market with proven technology

Kyoto’s technological and commercial progress targets the market for industrial process heat, which accounts for two-thirds of total industrial energy consumption. As previously announced by Kyoto, Aurora Energy Research has identified the serviceable addressable market for Kyoto’s Heatcube to be 11 200 TWh of annual demand for process heat in the temperature range ideal for the Heatcube. Traditionally, nearly all of this is based on fossil fuels.

As intermittent solar and wind become an ever-larger part of the energy mix, the value of intra-day buffering rises, and this is the market that Kyoto addresses.

The Heatcube is based on molten salt heat storage. This technology has been used for decades in concentrated solar power plants, which are common in Spain, where Kyoto has a technology center and a major part of the growing commercial pipeline.

“In other words, this is a well-known technology now being applied in an innovative way and commercialized in new market segments. Our first commercial installation, at Nordjyllandsværket in Denmark, is progressing well and scheduled to start commissioning in January. We have also entered into several promising letters of intent within various industries, such as pulp and paper, food processing and cogeneration, and we have a joint go-to-market strategy with Hydro Rein,” says Ms Nilsson.

Next-generation Heatcube

The Capital Markets Day is preceded by a launch event for Heatcube 2.0. This next-generation thermal battery significantly increases energy density while reducing capital expenditure and operating costs. See the separate press release published today for details on Heatcube 2.0.

“Heatcube 2.0 substantially strengthens the offering for our growing pipeline, and we now have the resources to execute on this opportunity, both within the company and in our ecosystem of commercial and scientific partners,” says Ms Nilsson.

Updating targets

Based on the substantial progress over the past months, Kyoto is now updating its mid-term targets.

Kyoto has, up to now, targeted a levelized cost of storage (LCoS) below EUR 20 per MWh by 2025. This is now expected to be reached sooner, and a new target for 2025 of EUR 15 per MWh has been established. The Capex ambition for 2025 is kept at the same level, EUR 40 per installed kWh of storage.

Furthermore, to pave the way towards 2025, Kyoto outlines its commercial targets for the next two years: 5-10 commercial orders for 2023 and 10-20 commercial orders for 2024. This is based on Kyoto having established a solid market presence in Spain while establishing a strong foothold in the other key markets targeted.

By 2025, Kyoto expects to have installed more than 2,000 MWh of thermal energy storage and reach EBITDA break even.

Today’s physical event is for pre-registered participants and will last from [14:00] to [17:00] CEST. It will also be streamed live on the Kyoto Group website, and a recording will be made available after the event.

For more information, contact:

Camilla Nilsson, CEO

+47 48 29 56 85

Håvard Haukdal, CFO

+47 481 06 569

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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