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Paris, August 22, 2023 – Kyotherm executed a Term Sheet with partners Kyoto Group and Energiabörze to finance the installation and operation of Kyoto Group’s Heatcube at the food ingredient producer KALL Ingredients’ site in Hungary.

The Heatcube has a thermal energy storage capacity of 56 MWh and is intended to replace current natural gas supply, thereby generating estimated CO2 emissions savings of 8,000 tons per annum. The Term Sheet outlines the commercial conditions of the heat-as-a-service (“HaaS”) agreement that the parties aim to sign for the long-term delivery of low-carbon steam to KALL Ingredients.

The Heatcube is expected to be commissioned on KALL Ingredients’ site in 2024. It will operate as an asset in the flexibility markets and utilize intermittent renewable energy whenever available while supplying steam for industrial production.

Arnaud SUSPLUGAS, Founder and Chief Executive Officer of Kyotherm, declared:Thermal energy storage solutions are key in the energy transition, and Kyoto’s Heatcube is an exciting solution to decarbonize industrial heat demand by using excess photovoltaic and wind energy.”

Camilla NILSSON, Chief Executive Officer of Kyoto Group, declared:This marks a significant commercial milestone for our Heat-as-a-Service business. In collaboration with our partners, Kyoto offers a very attractive thermal storage solution for KALL Ingredients, as well as numerous other companies within the food and ingredients industry. Recognizing the sector’s substantial need for reliable, high-quality process heat, Heatcube meets KALL’s requirements while actively contributing to their ambitious objectives of reducing CO2 emissions.”

András VINKOVITS, Chief Executive Officer of Energiabörze Kft, declared: “In Hungary, the share of renewable energy supply continues to increase significantly, which requires a rise in storage capacity. Kyoto’s Heatcube provides a technical solution for steam storage that will allow us to act on the reserve market as well as benefiting from intra-day trading to reduce the energy costs for the industry.”


About Kyotherm

Kyotherm is a European Energy-as-a-Service investment company and energy producer dedicated to renewable heating and energy efficiency projects, with varied technologies including solar thermal, biomass, geothermal, storage and waste heat energy as well as district heating networks and installations allowing reduced energy consumption. As of August 2023, it has financed, owns, manages, or has committed to fund a total of 45 projects, representing an aggregate capacity of 230 MW and a production of more than 860 GWh per year in savings or renewable energy. The company is headquartered in Paris, France, and is present in 11 countries. More information on

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). More information on

About Energiabörze Kft

Energiabörze is a Hungarian aggregator and energy trading company who has developed and owns its innovative production control and trading solution. Energiabörze supports the boom of renewables with their integration into the Hungarian electricity system by their aFRR regulation. The portfolio covers own and partner conventional cogen-, PV-, and biogas power plants, waste incinerators, batteries, as well as heat storages. More information on

About KALL Ingredients Kft

KALL Ingredients Kft. is a Hungarian-owned company and one of the newest corn processing plants in Europe based on a 145 million € greenfield investment. KALL processes around 530 000 tons of NON-GMO corn per year, providing high quality to more than 200 customers. Their liquid sugars, pharmaceutical and food grade alcohols and animal feeds are continuously sold into more than 25 countries. Due to the modern technology of the plant, KALL processes the corn without producing waste. More information on