Kyoto enters 4 MEUR green loan with Nefco

26 Jan 2024 15:00 CET

Oslo, Norway 26 January 2024 - Kyoto Group is pleased to announce that it has
signed a 4 MEUR loan agreement with Nefco - the Nordic green bank to support the
international scale up of its thermal energy storage offering, Heatcube. It
aligns seamlessly with the strategy to secure a 2-year cash runway through
Kyoto's long-term funding plan.

The signed green loan agreement builds on the final approval from
Nefco (https://ir.kyotogroup.no/ir-news/ir-news-details/2023/Kyoto-receives
-final-approval-from-Nefco---The-Nordic-Green-Bank/default.aspx) reported by
Kyoto on June 29th, 2023.

Kyoto has a funding roadmap in place to support the growth ambitions, with
strong support from strategic investors and various debt instruments available
for consideration. Kyoto targets 40-60 Heatcube sales during the 2024-2026
period, including direct sales to customers and partner sales.

"Kyoto is prepared for substantial commercial Heatcube deployments, supported by
partnerships with esteemed financial institutions like Nefco. This readiness is
underpinned by confirmed contracts, a robust project pipeline, validated
Heatcube performance, and key partnerships, including with Iberdrola, a world
leader in renewable energy and Spirax Sarco, a world leader in thermal energy
management, says Håvard Haukdal, CFO of Kyoto Group.

After the successful commissioning of Heatcube at Norbis Park in Denmark and the
signed commercial contract for Heatcube at KALL Ingredients in Hungary,
activation of the green loan is underway with momentum building for Kyoto's next
commercial contract.

Søren Berg Rasmussen, Investment Manager at Nefco added, "Electrifying the
generation of process steam has a major positive environmental impact as it can
lead to the decarbonization of hard-to-abate sectors. After the successful
commissioning of Kyoto Group's commercial demonstration plant and two important
projects initiated in 2023, there is now a great momentum for Nefco to join in
as a financier and further accelerate the company's growth."

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 two thirds 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). www.kyotogroup.no

About Nefco

Nefco is an international financial institution, the Nordic Green Bank, that
finances the initial scale-up of Nordic green solutions on global markets.
Founded in 1990 by the five Nordic countries, Nefco has already financed and
implemented over 1,600 projects in energy efficiency, renewable energy, clean
water and sanitation, waste management, and cleaner industrial processes, among
others. To date, more than 600 Nordic growth companies have received financing
from Nefco to scale up their green technologies and solutions on global markets.
We serve the interests of our owners, Denmark, Finland, Iceland, Norway and
Sweden, and work with concrete actions to accelerate the green transition
aligned with the 2030 Agenda for Sustainable Development, the Paris Agreement,
the EU Green Deal and the Nordic Vision 2030. Read more about us on
www.nefco.int

More information:
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609339_Press_release_Kyoto_enters_into_Nefco_loan.pdf