OSLO, NORWAY: Kyoto Group, Iberdrola, and Spirax-Sarco Engineering have signed an agreement to invest in Kyoto Group’s Heatcube thermal energy storage solution. The investment will help to accelerate the decarbonization of industrial process heat by providing industrial customers with the technology to lower their costs and emissions.
Heatcube is a modular, low-cost thermal energy storage solution that can be configured with storage capacities from 16 MWh to over 96 MWh. It can use multiple renewable energy sources to heat molten salt to over 415 degrees Celsius, which is then used to produce steam for industrial production processes.
The investment from Iberdrola and Spirax-Sarco Engineering will be used to cover the company’s liquidity needs, including pre-ordering of long lead-time items for production of Heatcube, continued market expansion and the related upscaling activities, building project execution capacity combined with partnering setups, repayment of below mentioned short-term financing provided by two shareholders, and general corporate purposes.
This investment is a significant step forward for Kyoto Group and Heatcube, and it will help to accelerate the decarbonization of industrial process heat.
Key points:
- Iberdrola and Spirax-Sarco Engineering have invested in Kyoto Group to accelerate the decarbonization of industrial process heat.
- The investment will be used to fund the development and commercialization of Heatcube, a thermal energy storage solution.
- Heatcube can be used to store renewable energy and provide industrial customers with a low-cost, low-emissions alternative to fossil fuels.
- This investment is a significant step forward for Kyoto Group and Heatcube, and it will help to accelerate the decarbonization of industrial process heat.