Kyoto Group AS announced that it has signed a EUR 4 Million 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. 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. 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.