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.
– 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.
– 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.
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.
– 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.