Oslo, 26th October 2022 - Kyoto Group today announced that the installation of a
thermal energy storage solution at Nordjyllandsværket in Denmark, the company's
first commercial contract, is progressing well and on track for the planned
commissioning early 2023.

Several project milestones have recently been reached. The fundament has been
cast. The transformer and tanks, including tanksŽ insulation and the heat
tracing, have been installed, and melting the salt is in progress, with support
from Kyoto's partner YARA.

Nordjyllandsværket is located in Vodskov, Nordjylland, Denmark and is owned by
Aalborg Forsyning, a utility that is part of the Aalborg municipality. The
Heatcube installation is provided under a battery leasing agreement with Aalborg
Forsyning. It is part of a program to test and introduce new clean energy
solutions. The Heatcube thermal battery will provide heat to the local district
heating system. The energy input is electricity sourced from the grid, and the
heat is stored in molten salt.

"Storage of energy in molten salt has been used for decades in concentrated
solar power facilities, where mirrors are used to concentrate sunlight onto a
receiver. Nevertheless, the installation at Nordjyllandsværket is the first
application of this technology in a new market segment, and we're excited to see
the project running smoothly towards commissioning," says Agnieszka Sledz, Chief
Project Officer at Kyoto Group.

"Nordjyllandsværket is Kyoto's first commercial contract and a major milestone
not only for Kyoto but also for the efforts to decarbonize heat through
electrification with renewable energy. A substantial part of global energy usage
is for heat generation, most of which is based on fossil fuels. To use
intermittent sources such as wind and solar for this, we need storage solutions,
and that's what Kyoto is providing," says Camilla Nilsson, CEO of Kyoto Group.

The Heatcube represents an innovative, low-cost and modular solution for thermal
energy storage and can use multiple renewable energy sources to heat molten salt
to over 500 degrees Celsius. The high-temperature salt is then used to produce
steam or a combination of electricity and hot water for industrial use and as
input to district heating systems.

The unit installed at Nordjyllandsværket is configured with 18 MWh of storage
capacity and a discharge load of 4 MW.

For more information, please contact:

Håvard Haukdal, CFO

havard.haukdal@kyotogroup.no

+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).