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Land | Norge |
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Lista | MERK Equities |
Sektor | Energi & Miljö |
Industri | Energikällor |
Oslo, Norway 17 March 2023 - Kyoto Group has been informed by Norsk Hydro that thermal energy storage is outside of its current strategic growth areas, and its holding in Kyoto will therefore be considered a financial investment rather than a strategic one. Consequently, Board member Ivar Valstad will today withdraw from the Board of Directors of Kyoto Group.
The changed status of Hydro's investment in Kyoto Group does not affect the ongoing commercial cooperation with Hydro Rein that was announced last year.
"I would like to thank Ivar for his contributions to Kyoto and look forward to the continued cooperation with Hydro Rein," says Eivind Reiten, Chairman of the Board of Kyoto Group.
Norsk Hydro, through Hydro Energi Invest AS, holds 1 044 046 shares in Kyoto, equalling 8.7% of the share capital.
The Board is still in compliance with the articles of association, and no extraordinary general meeting will be convened in order to supplement the Board.