Oslo, 24 March 2021 – Thermal battery producer Kyoto has today been admitted to trading on Euronext Growth (ticker code: KYOTO).
Kyoto plans to operate and sell thermal batteries, enabling industrial consumption of low-cost heat sourced from excess solar and wind energy.
“Our thermal batteries enable renewable energy to decarbonise industrial heat generation, which today is 90% based on fossil fuels. Heat storage represents a growing multi-billion USD market opportunity and Kyoto Group is well positioned to become a market leader,” says Christian Blom, the COO and acting CEO of Kyoto Group.
Recently, Kyoto raised NOK 125 million through issuing new shares. In addition, there was an over-allotment (greenshoe option) bringing total proceeds raised in the offering to NOK 150 million.
“We are now scaling-up for growth based on our proven technology, modular design for rapid industrial roll-out and strong commercial value and environmental proposition to customers,” continues Blom.
The shares in the new issue were sold at NOK 62.50 corresponding to a market capitalisation of NOK 526 million.
About Kyoto Group Kyoto Group aims to capture and manage the abundant energy from variable renewable sources such as solar and wind power and apply it to reduce the CO2 footprint for industrial thermal loads. The Company, founded in 2016, plans to operate and sell HeatCube thermal batteries with capacity from 5MW and upwards, enabling industrial consumption of low-cost heat sourced from excess solar and wind energy.