Lysaker, Norway 24 August 2022 - Kyoto Group AS and Glomma Papp AS have signed a
Letter of Intent (LoI). The two companies will enter negotiations of a supply
agreement for Kyoto's Thermal Energy Storage (TES) solution, the HeatcubeT.

Glomma Papp, a Norwegian corrugated cardboard manufacturer, and Kyoto will
jointly complete a detailed technical and commercial evaluation of the
feasibility of Kyoto's HeatcubeT with the goal of entering into a supply
agreement with predicted commissioning during the summer of 2023.

The HeatcubeT, a thermal energy storage system, provides energy storage and heat
generation in one product. It supplies industrial customers with the technology
needed to lower both their costs for producing process heat and their CO2
emissions.

"This is further proof of our commitments to sustainability and to reducing CO2
emissions from our processes and actively being a part of the green transition
for the corrugated industry. Kyoto's HeatcubeT offers an interesting potential
for us and we are excited to explore this opportunity in all details." says John
Stevenson, Technical Manager at Glomma Papp AS.

The Kyoto HeatcubeT can be configured with storage capacities from 8 MWh to over
96 MWh, with a discharge effect for each HeatcubeT of up to 5 MW. It is an
innovative, low-cost, and modular storage solution for thermal energy that can
use multiple renewable energy sources to heat molten salt to over 450 degrees
Celsius. The high-temperature salt is then used to produce steam for industrial
production processes.

"We are grateful for the productive collaboration with Glomma Papp in exploring
all the benefits our HeatcubeT brings them. In offering industrial heat through
a HeatcubeT thermal battery, our ambition is to help the industrial sector
reduce emissions and improve the security of supply at a lower cost," says Kyoto
Group CCO Tim de Haas.

For more information, contact:
Camilla Nilsson, CEO Kyoto Group AS
camilla@kyotogroup.no
+47 48 29 56 85

John Stevenson, Technical Manager Glomma Papp AS
john.stevenson@glommapapp.no
+47 951 27 284

About Kyoto Group

Kyoto Group offers a thermal battery, the HeatcubeT, to produce, store and
supply renewable heat to industrial players. The HeatcubeT secures heat supply
based on renewable energy for industrial production processes, enabling various
industries to significantly reduce their CO2 footprint. The HeatcubeT uses lower
-cost energy sourced from excess solar and wind power.

www.kyotogroup.no

About Glomma Papp

Glomma Papp AS has been designing, developing, and manufacturing packaging and
display solutions for business markets since 1931. Throughout the history and up
to the present day, Glomma Papp AS has received several national and
international awards for their work. Glomma Papp AS's vision is to inspire and
improve. Through innovative ideas, high quality and close follow-up, Glomma Papp
AS creates growth and development for all their customers. The company values
are reliable, innovative, and personal. A close collaboration with Glomma Papp
AS pays off.

www.glommapapp.no