We are strengthening our balance sheet to execute upcoming contracts, said Camilla Nilsson, CEO of Kyoto Group.
Kyoto Group has successfully completed a directed share issue, raising approximately $3.54 million from existing shareholders including Spirax-Sarco, Iberdrola, and Klaveness Marine. This internal financing effort is specifically aimed at accelerating the installations of the company’s thermal batteries, known as ‘Heatcubes’. “With this move, we are taking another step in our financing plan and strengthening our balance sheet to execute upcoming contracts,” said Camilla Nilsson, CEO of Kyoto Group.
The proceeds from the issue will support the company’s liquidity needs, including pre-ordering long lead-time components for ‘Heatcube’ production, enhancing project execution capabilities, continuing market expansion, and general corporate purposes. Kyoto continues its initiatives in accordance with the long-term financing plan previously communicated to the market, aimed at securing a sufficient portfolio of financing options and promoting further growth and market expansion.
A total of 2,297,187 new shares will be issued at a subscription price of approximately $1.54 per share, raising gross proceeds of approximately $3.54 million. The subscription price is based on the approximate volume-weighted average price of the company’s shares traded on Euronext Growth Oslo from January 1, 2023, to December 31, 2023. “We are grateful for the strong support shown by our professional shareholders who know us well and recognize the commercial potential of Kyoto’s technology,” concluded Nilsson.