Kyoto Group: Annual report 2022 and business update

24 Apr 2023 08:30 CEST

Oslo, Norway 24 April 2023 - Kyoto Group today published its 2022 Annual Report
and will provide a live business update on the commercialization of its Heatcube
thermal energy storage solution.

"2022 was a year of tremendous progress for Kyoto. We installed the first
commercial Heatcube, built a strong commercial pipeline, launched the second
-generation Heatcube and significantly strengthened the organization. This
formed the foundation for the recently announced cooperation with a world
-leading renewable energy company, providing us with game-changing market access
in 2023," says Camilla Nilsson, CEO of Kyoto Group, and adds:

"As we have progressed as a company, the case for decarbonizing industrial heat
has also become even more compelling during 2022. Radical political change is
taking place to change the world's CO2 trajectory, and the necessary growth of
wind and solar is impossible to sustain without energy storage. Half of the
world's energy is used for heat, and half of that again is for industrial
process heat. This illustrates Kyoto's huge potential market."

Highlights from 2022:

·
First commercial Heatcube at Nordjyllandsværket constructed

·
Commercial pipeline of 2 100 MWh storage developed

·
7 LoIs for Heatcubes signed

·
Strong European Supply chain established

·
Heatcube 2.0 launched

·
World-class molten salt expertise in Spain established

·
R&D collaboration with KTH strengthened

·
Strengthened organization to support growth ambitions

Kyoto Group today provides a live business update. Highlights:

·
Nordjyllandsværket installation completed, only grid connection and last phase
of hot commissioning remains

·
40% increase in commercial pipeline over past six months

·
MoU signed with world-leading renewable energy company with several offers for
green heat to its customers

·
LoIs and MoUs signed with potential partners and customers

·
Heatcube supply chain established

·
3 patents in filing/filed

·
Maintains target of 5-10 commercial orders in 2023, starting to materialize in
Q2

·
Maintains target of EBITDA break-even in 2025

CEO Camilla Nilsson, CCO Tim de Haas and CFO Håvard Haukdal will present the
business update at 14:00 CEST today. The presentation will be streamed and is
expected to last about an hour, including a Q&A session. Questions may be
submitted before and during the presentation. Please send them to
lelagh.trewhella@kyotogroup.no. Sign up for access to the live stream:
https://www.kyotogroup.no/business-update-live

A recorded version of the presentation will be made available on the company's
website after the presentation has concluded.

The Annual Report 2022 is attached to this release.

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).

More information:
Access the news on Oslo Bors NewsWeb site

588290_Annual_report_2022.pdf
588290_Kyoto_Annual_report_22_and_business_update.pdf