Kyoto Group listed on the Norwegian stock exchange

Kyoto Group is entering the Norwegian stock exchange. Photo: Kyoto Group AS

Kyoto Group is now listed on Euronext Growth (Oslo Stock Exchange, Norway). This green technology startup, which develops solutions for thermal energy storage, secured a pre-IPO on 150 MNOK prior to the listing. The value of the company is set to be 401 MNOK. Kongsberg Innovation have had an active ownership in the startup company since 2016.

Svein-Olav Torø, Managing Director at Kongsberg Innovation

– It is amazing that Kyoto Group is listed on the Norwegian stock exchange. It is an important milestone for the green tech-startup and for Kongsberg Innovation, which has been an active investor that has contributed with competence and advisory since 2016. We know that a lot of hard work is required to reach this milestone, and we are very happy on behalf of Kyoto, says Svein-Olav Torø, Managing Director at Kongsberg Innovation.

Kyoto Group develops solutions for capturing and managing energy from renewable energy sources. The green tech-startup is developing an innovative, cost efficient, and modular solution for thermal energy storage, which is called Kyoto Heatcube. The solution can be used to store energy when it is low-priced, and the mission is to decarbonize the industry. Kyoto Heatcube can be used to generate steam, power, and heat for various industrial processes. Compared to electric batteries, Kyoto’s solution will reduce capital expenditures by 90 %.

Kongsberg Innovation – partner and investor

Kongsberg Innovation helped establish Kyoto Group back in 2016 and has since then been an active owner. As an investor and innovation partner, Kongsberg Innovation, have contributed with business development, technology expertise from its extensive industrial network and early-phase funding.

Kyoto is one out of 14 startup-companies that Kongsberg Innovation has actively invested in. Through our industry-based incubator program and through different accelerators, we help companies such as Kyoto to develop, grow, and scale, says Torø.

Through Kongsberg Innovation’s extensive network, Kyoto Group have received assistance and expertise with technology development. The startup company has also had their own advisor from Kongsberg Innovation within business development and finance. In 2018, Kongsberg Innovation contributed with early-phase investment funding to the first capitalization of Kyoto together with Hydro Energi Invest.

Read more about Kongsberg Innovation’s industry-based incubator program here

– Kyoto have used the entire Norwegian support system to build the company; from Innovation Norway to the Research Council of Norway and Siva through us as a business incubator and innovation company. This has been very important on their journey in developing and strengthening the company, Torø adds.

Ingrid R. Lorange, CEO at Siva

Kongsberg Innovation is part of Siva’s national incubator program. Kongsberg Innovation receives annual financial support from Siva, which is used to develop startup companies and spin-offs from established companies.

– Our incubator program vision is to create tomorrow’s most competitive companies. The collaboration between Kongsberg Innovation and Kyoto Group is a good example of how incubation provides growth for startup companies. With strategic ownership as one of our tools, and as the largest owner of Kongsberg Innovation, we are pleased to see that it gives good results. Kongsberg Innovation is an innovation company that exploits its potential and is an important driver for innovation in its region, and in this case also internationally, says Ingrid R. Lorange, CEO at Siva.

Ready for European and global expansion

Kyoto Group has developed their company over the last years and is now ready for scaling both in Europe and globally. The thermal energy storage market is growing and is expected to reach 300 BN USD by 2030.

Christian Blom, CEO at Kyoto Group

– Today’s industry, represents a third of the total energy consumption in the world. 75% of the industrial energy consumption is used for thermal energy, and 90% is based on fossil fuels, says Christian Blom, CEO at Kyoto Group.

– Kyoto develops solutions to decarbonize the industry by changing companies’ needs for coal and fossil power plants. Kyoto has a scalable business model for further European and global expansion, Blom adds.

Kyoto Group has brought in investors such as Quantafuel’s CEO Kjetil Bøhn, Norsk Hydro, Kongsberg Innovation and Valinor. Eivind Reiten, former CEO of Hydro, is chairman of the board.

Yara International, Sub Sea Services, Aalborg CSP, RPOW, and Nvidia are partners.

First commercial installation

Kyoto Group will deliver their first commercial installation of the Kyoto Heatcube in Denmark before the end of 2021. The tech-startup is experiencing a growing pipeline and will deliver installations in Northern Europe and several new markets in 2022.

– Kyoto are looking forward to launching our products internationally and is now working full time to sign our first projects in Europe. We are experiencing increased interest from all corners of the world and our listing on Euronext Growth, makes it possible to work on these projects in the future, says Blom.

Learn more about Kyoto Group in this video:

Global scaling of Norwegian technology and industry

BI Norwegian Business School becomes co-owner of Kongsberg Innovation and academic partner in a new joint initiative to help Norwegian technology companies realize growth ambitions in China, U.S, and Europe.

– We see a market need in supporting Norwegian tech companies that want to scale internationally. This collaboration connects the leading academic expertise within scaling with Norway’s leading industrial cluster. Together with BI, we look forward to scale Norwegian technology companies into the global market, says Svein-Olav Torø, managing director at Kongsberg Innovation.

Kongsberg Innovation will build an ecosystem for innovation and entrepreneurship to strengthen international scaling of Norwegian technology and industry.

– This is an important investment that strengthens the interaction with Norwegian industry and industrial innovation hubs in Norway and internationally. Together, we will establish a leading business community that effectively creates value for Norwegian startups and scaleups for the future, says Inge Jan Henjesand, President at BI Norwegian Business School.

An export boost

The initiative, aims to connect technology-based companies to industrial projects of national and international interest.

– Going forward, Norway is dependent on strengthening exports from established industries and building new ones. Our ability to export products and services is crucial for the development of a competitive and sustainable Norwegian business community, says Håkon Haugli, Chief Executive Officer at Innovation Norway.

– BI and Kongsberg Innovation’s joint collaboration, where they connect important players in an ecosystem onto large international industrial projects, is a very important initiative to get more Norwegian companies to grow internationally, Haugli adds.

Going global

BI is an important partner, and has for several years worked to scale Norwegian tech companies through its 100Scaleups program and existing collaborations with Tsinghua University in China and MIT in the U.S. Kongsberg Innovation has a strong position in the industrial environment and collaborates with a number of European companies through the innovation platform Landing Pad, with partners in 20 countries.

– Siva is looking forward to having BI Norwegian Business School as a shareholder in Kongsberg Innovation. This will complement the strategic ownership of the company, which is an important player for development in Norway. There are great opportunities in the international innovation collaboration BI brings into Kongsberg. We want to contribute to realize the potential in this initiative, says Ingrid Lorange, Chief Executive Officer at Siva.

Siva is the largest owner of Kongsberg Innovation and manage the incubator program where Kongsberg Innovation is one of 33 program operators.

Creating new jobs

In the new, joint scaleup initiative, selected companies will receive tailored frameworks and follow-up from industry experts, academia, and the investment industry. An overarching goal is to prepare companies and the Norwegian economy for the future by creating new jobs in export-oriented knowledge industries.

– Norway has an ambition to increase export by 50 percent over the next decade. In order to achieve this, we must seek new approaches which secures profitability, competitiveness and growth. We consider it to be very positive that BI and Kongsberg Innovation will actively work with Norwegian industry to contribute to develop markets and the next generations` solutions. It’s positive that BI takes an important step towards strengthening its cooperation with the industry and technology communities, says Stein Lier Hansen, Chief Executive Officer of Norsk Industri.

World class collaboration

The initiative is based on Kongsberg Innovation and BI’s existing collaboration and relationships with the world’s leading institutions and innovation hubs in Europe, China, and the U.S.

– Many Norwegian tech companies stagnate and fail when they’re facing international competition from customers and market shares in order to grow further. Norway needs a national ecosystem with a focus on exports and industry that is able to connect with the best expertise in the world, and has a position in the international scaling industry to promote and scale up companies, says Professor Per Ingvar Olsen at BI Norwegian Business School.

Facts about BI:
  • BI Norwegian Business School is a self-owned foundation whose sole purpose is teaching and research in areas such as finance, economics, management, strategy, and marketing.
  • Since its establishment in 1943, BI has grown to become one of Europe’s largest business schools with approx. 20,000 students.
  • BI has arranged scaling programs for 28 Norwegian SMEs and 20 Chinese high-tech companies in collaboration with Tsinghua University in Beijing.
Facts about Kongsberg Innovation:
  • Kongsberg Innovation is an industry-based incubator, investor and an innovation company that operates throughout Norway. Kongsberg Innovation offers a unique industrial collaboration and works with growth for technology companies, from startups and scaleups, to well-established companies.
  • Since its establishment in 2003, Kongsberg Innovation has grown and gained a strong position in the industrial environment, both nationally and in Europe.
  • Kongsberg Innovation is owned by a number of Norway’s leading industrial companies, such as Kongsberg Gruppen, TechnipFMC, Kongsberg Automotive, Equinor and Siemens.