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
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
"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.
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
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
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
More information on www.kyotogroup.no