REG - Spirax-Sarco Engng - Kyoto Investment and Partnership Agreement

SpiraxAnnouncement

22/06/2023 07:00

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RNS Number : 5118D  Spirax-Sarco Engineering PLC  22 June 2023

 

News Release
 
22(nd) June 2023
Kyoto Investment and Partnership Agreement

Spirax-Sarco Engineering plc, the leading global thermal energy management and
fluid technology solutions Group, announces that it will take an ownership
stake in Kyoto Group (Kyoto) and enter into agreements to accelerate the
decarbonisation of industrial process heat with Kyoto's Heatcube, a molten
salt thermal energy storage solution.

 

Subject to formal approval at Kyoto's Annual General Meeting to be held on
30(th) June 2023, Spirax-Sarco Engineering, Kyoto and Iberdrola, Europe's
largest electricity utility by market capitalisation and a global leader in
clean energy, will enter into investment, partnership and commercial
agreements to support the development of  Heatcube as a world leading
technology.

 

Through Vulcanic, which was acquired by Spirax-Sarco Engineering in 2022, the
Group has been working with Kyoto since 2021 providing the electric immersion
heater and power control systems that power Heatcube.

 

Spirax-Sarco Engineering will invest £3 million in return for a 15% share of
Kyoto's issued share capital. The partnership agreement covers the commercial
and technological development of electrical heaters, as well as other
Spirax-Sarco Engineering technologies, for existing and future generations of
Heatcube to support commercialisation and market adoption.

 

Nicholas Anderson, Group Chief Executive, Spirax-Sarco Engineering plc, said:
"Enabling the decarbonisation of critical industrial processes is central to
our Group's Purpose.  We have been actively investing in new-to-world
decarbonisation solutions through product development since 2020. As we
already provide some of the technology that sits behind Heatcube, getting
actively involved in supporting Kyoto through direct investment and partnering
is a natural extension of our activity in this area.

 

"We are excited to be working with the teams at Kyoto and Iberdrola in a new,
progressive alliance that has a shared purpose to provide innovative solutions
that are good for our planet as well as for business."

 

 

Enquiries:

Nicholas Anderson, Group Chief Executive

Nimesh Patel, Chief Financial Officer

Mal Patel, Head of Investor Relations

 

About Spirax‐Sarco Engineering plc

Spirax‐Sarco Engineering plc is a leading global thermal energy management
and fluid technology solutions Group that aims to deliver sustainable value to
all its stakeholders through engineering a more efficient, safer and
sustainable world. .  It comprises three world‐leading Businesses: Steam
Specialties, for the control and management of steam; Electric Thermal
Solutions, for advanced electrical process heating and temperature management
solutions; and Watson-Marlow, for peristaltic pumping and associated fluid
path technologies.  The Steam Specialties and Electric Thermal Solutions
Businesses provide a broad range of fluid control and process heating
products, engineered packages, site services and systems expertise for a
diverse range of industrial and institutional customers.  Both Businesses
help their customers improve process efficiencies, meet environmental
sustainability targets, improve product quality and enhance the safety of
their operations.  Watson‐Marlow provides solutions for a wide variety of
demanding fluid path applications with highly accurate, controllable and
virtually maintenance-free pumps and associated technologies.

 

The Group is headquartered in Cheltenham (UK), has 40 strategically located
manufacturing plants around the world and employs more than 10,000 people,
including more than 2,100 direct sales and service engineers.  Through its
One Planet: Engineering with Purpose Sustainability Strategy, the Group is
committed to achieving net zero emissions for scopes 1 and 2 by 2030 and for
scope 3 by 2050.  In 2022, the Group launched its TargetZero solutions for
the decarbonisation of critical industrial processes.

 

The Company's shares have been listed on the London Stock Exchange since 1959
(symbol: SPX) and it is a constituent of the FTSE 100 and the FTSE4Good
Indexes.

 

Further information can be found at www.spiraxsarcoengineering.com
(http://www.spiraxsarcoengineering.com)

 

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).  www.kyotogroup.no

 

Heatcube

Kyoto Heatcube provides thermal energy storage and heat generation in one
product. It supplies industrial customers with the technology needed to lower
both their costs for producing process heat and their CO(2) emissions using
intermittent renewable energy sources instead of fossil fuels for heat
production.

 

Heatcube can be configured with storage capacities from 16 MWh to over 96 MWh,
with a discharge effect for each Heatcube of up to 20 MW. It is an innovative,
low-cost, and modular storage solution for thermal energy that can use
multiple renewable energy sources to heat molten salt to over 415 degrees
Celsius. The high-temperature salt is then used to produce steam for
industrial production processes.

 

About Iberdrola

Iberdrola, Europe's largest electricity utility by market capitalization and
one of the world's top three electricity companies, is a leader in renewables,
spearheading the energy transition to a low carbon economy. The group supplies
energy to almost 100 million people in dozens of countries. With a focus on
renewable energy, smart networks and smart solutions for customers,
Iberdrola's main markets include Europe (Spain, the United Kingdom, Portugal,
France, Germany, Italy and Greece), the United States, Brazil, Mexico and
Australia. The company is also present in growth markets such as Japan,
Taiwan, Ireland, Sweden and Poland, among others.

 

The company has a workforce of over 40,600 and assets in excess of €154.6
billion. In 2022, Iberdrola posted revenues of nearly €54 billion, net
profit of €4.34 billion, with €7.5 billion paid in tax contributions in
the countries where it operates. The company helps to support more than
400,000 jobs in communities across its supply chain, and global supplier
purchases topped €17.8 billion in 2022. A benchmark in the fight against
climate change, Iberdrola has invested more than €130 billion over the past
two decades to help build a sustainable energy model, based on sound
environmental, social and governance (ESG) principles. www.iberdrola.com/home
(http://www.iberdrola.com/home)

 

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