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Kyoto Group: signs strategic investment agreement with Iberdrola and Spirax-Sarco Engineering

  • Sector: Infrastructure
  • Date: June 22, 2023

  • Company: Heaten develops and produces megawatt-scale industrial heat pumps with very high temperatures, which can recover heat that is traditionally lost in processes to various industrial customers.

Iberdrola, Europe’s largest electricity utility by market capitalization, and Spirax-Sarco Engineering, a world-leading specialist in thermal energy management, join Kyoto Group as strategic investors and commercial partners in an alliance to accelerate the decarbonization of industrial process heat with Kyoto’s Heatcube, a thermal energy storage solution.

This is a fantastic recognition, says Camilla Nilsson, CEO of Kyoto Group. Two of the most competent companies in our industry have conducted a thorough review of the technologies and are committing capital, putting their plans, market access, and credibility behind the commercialization of Heatcube, Nilsson concludes.

Iberdrola will invest NOK 35.1 million in return for a 12.8 percent share of Kyoto’s issued share capital, while Spirax-Sarco Engineering will invest NOK 41.0 million in return for a 15.0 percent share.

The partnership with Kyoto and its Heatcube thermal storage solution is a further step for Iberdrola in its mission to decarbonize the economy through electrification. Storage is one of the major challenges in the energy transition, hence this collaboration with the Norwegian group will be key to our strategy, says Fernando Mateo, Global Head of Industrial Decarbonization at Iberdrola.

The partnership agreement with Spirax-Sarco Engineering covers commercial and technological development of electrical heaters for existing and future generations of Heatcube, with the opportunity to expand the cooperation to other key technologies.

Camilla Nilsson (CEO), Håvard Haukedal (CFO) and Bjarke Buchbjerg (CTO) at Kyoto Group, will be holding a lecture on the strategic collaboration on June 27th at 14:00 CEST. Link to the lecture: https://www.kyotogroup.no/live-update-june-2023-live-stream