Lysaker, Norway 24 October 2022 - Kyoto Group is pleased to announce that it has
signed a Letter of Intent (LOI) with one of the largest owners of cogeneration
facilities in Spain to deliver and install a thermal storage battery, the
Heatcube, in the second half of 2023.

A cogeneration facility generates both heat and power, enabling more efficient
energy use. The Heatcube will provide a renewable solution for heat generation
at the client's facilities in Spain, giving a competitive advantage for the
client's operation.

The parties will jointly finalize the technical evaluation and commercial
negotiations for the installation of Kyoto's Heatcube, which will provide the
necessary heat for stable operation of the cogeneration process. The joint
ambition is to conclude this process shortly.

The project comprises 88 MWh of thermal storage, offering an annual capacity of
up to 43 GWh thermal energy and a reduction of more than 9.000 tons of CO2
annually. Utilizing renewable electrical energy, the Heatcube will ensure
emission-free heat production both day and night.

"With the Heatcube system, we would like to operate our plant in a more optimal
way than we have been doing up to now, allowing the generation of additional
renewable steam for our industrial process. Additionally, we want to continue
with our strategy of reducing the carbon footprint in our facilities," says the
COO of Kyoto's partner.

The Heatcube provides thermal 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.

The Kyoto Heatcube can be configured with storage capacities from 16 MWh to over
96 MWh, with a discharge effect for each Heatcube 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. The ternary salt that
Kyoto uses can store thermal energy up to 525 degrees Celsius while the current
Heatcube 2.0 is designed to operate up to 415 degrees Celsius. The high
-temperature salt is then used to produce steam for industrial production
processes.

Kyoto Group CEO Camilla Nilsson adds: "We are proud of the recognition from our
partners, who share our ambition to reduce CO2 emissions. By entering this
partnership, we will showcase the benefits of our Heatcube within the
cogeneration industry and make the next steps in growing our business in Spain."

For more information, contact:

Håvard Haukdal, Kyoto Group 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).

More information on www.kyotogroup.no