Oslo, Norway 04 May 2023 - Kyoto Group is pleased to announce that it has
received approval in principle of debt financing from Nefco, an international
financial institution owned by the five Nordic countries, to support the scaling
up of its thermal energy storage offering.

Nefco serves the interest of Denmark, Finland, Iceland, Norway, and Sweden and
takes concrete actions to accelerate the green transition aligned with the 2030
agenda for sustainable development, the Paris Agreement, the EU Green Deal and
the Nordic Vision 2030.The approval in principle from Nefco could provide debt
financing of EUR 4 million to support Kyoto's growth, pending the concluding
negotiations and the final approval by the Nefco board.

"We are excited about the positive response from Nefco, which has conducted a
thorough process with Kyoto, including a site visit to our first commercial
installation at Nordjyllandsværket in Denmark. Gaining Nefco as a funding
partner will be an important step for Kyoto and illustrates that we have several
financing options available to support commercialization and growth in a rapidly
developing energy storage market," says Håvard Haukdal, CFO of Kyoto Group.

Nefco is an international financial institution that finances the initial scale
-up of Nordic green solutions on international markets. At the end of 2022,
Nefco managed funds totaling EUR 618 million.

"In order to scale together with one of the largest electricity companies in the
world, we will need to level up and strengthen our capabilities. Funds from
Nefco are largely intended to be used to strengthen our tech and after-sales
organization," says Haukdal.

The Kyoto 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 using
intermittent renewable energy sources instead of fossil fuels for heat
production.

The 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 to over 415 degrees
Celsius. The high-temperature salt is then used to produce steam for industrial
production processes.

For further information, please 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).

About Nefco

Nefco is an international financial institution (IFI) that finances the initial
scale-up of Nordic green solutions on international markets. Founded in 1990 by
the five Nordic countries, Nefco takes concrete actions to accelerate the green
transition aligned with the 2030 Agenda for sustainable development, the Paris
Agreement, the EU Green Deal and the Nordic Vision 2030.