Lysaker, Norway 13 October 2022 - Kyoto Group is pleased to announce that it has
signed a Letter of Intent (LOI) with the market leader within its segment of the
food sector in Spain to deliver and install a thermal storage battery, the
Heatcube (http://www.kyotogroup.no/technology), in the second half of 2023. The
Heatcube will provide a renewable solution for heat generation at the client's
facility 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 the food process. The joint ambition is to conclude this
process shortly to start the operation in the second half of next year. The
project comprises 64 MWh of thermal storage, offering an annual capacity of up
to 20 GWh thermal energy and a reduction of more than 3.000 tons of CO2
annually. Utilizing solar energy, the Heatcube will ensure emission-free heat
production both day and night.

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.

"We are proud to provide an effective solution for steam generation to our
partner. Decoupling industry from high volatility, instability, and reliance on
fossil fuels is a short-, medium-, and long-term goal. The energy policies for
decarbonization of industry have arrived and will only become more ambitious.
Kyoto is perfectly aligned with this trend," says Tim de Haas, Chief Commercial
Officer of Kyoto Group.

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 to over 450 degrees
Celsius. The high-temperature salt is then used to produce steam for industrial
production processes.

Kyoto Group CEO Camilla Nilsson adds: "This project not only signals our
expansion and adoption of the Heatcube into the food industry, which uses a lot
of process heat generated from natural gas. It also marks the first result of
our recent expansion into Spain, where we have set up a technology center. Spain
is a key market, not least because the country has a history of using molten
-salt thermal batteries at concentrated solar power generation plants, so our
core technology is well-known there."

For more information, contact:

Håvard Haukdal, CFO Kyoto Group
havard.haukdal@kyotogroup.no
+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
(ticker: KYOTO).

More information on www.kyotogroup.no