The directed share issue is executed to fuel the acceleration of impending Heatcube installations. The net proceeds from the investment will be used to cover the company's liquidity needs, including pre-ordering of long lead-time items for production of Heatcubes, strengthening of project execution capabilities, continued market expansion and general corporate purposes.
"With this, we are taking another step on our funding plan, strengthening the balance sheet to execute upcoming contracts. We are grateful for the strong support shown by our highly professional shareholders, who know us well and realize the commercial potential of Kyoto's technology," says
Kyoto will continue its initiatives along the long-term funding plan, as previously communicated to the market, to secure an adequate portfolio of financing options to accelerate the growth trajectory and further market expansions.
A total of 2,297,187 new shares in the company will be issued at a subscription price of
The following investors have been allocated shares in the directed share issue:
-
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- Klaveness Marine will retain its pro rata shareholding through an investment of approximately
The share capital increase pertaining to the Directed Share Issue has been resolved by the board of directors of the Company pursuant to the authorization granted by the annual general meeting held on
In consultation with the company's management, the board has considered various transaction alternatives to secure new financing. Based on an overall assessment, considering inter alia the need for funding, execution risk and possible alternatives, the board has based on careful considerations decided that the investment is the alternative that best protects the company's and the shareholders' joint interests. By structuring the transaction as a directed share issue, the company was able to raise capital in an efficient manner with significantly lower completion risks compared to a rights issue. Thus, the waiver of the preferential rights inherent in a share capital increase through issuance of new shares is considered necessary. Further, the board has resolved not to conduct a repair offering, primarily due to the subscription price being at a premium compared to current trading prices.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This
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 CO2 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 120 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.
For further information, please contact:
havard.haukdal@kyotogroup.no
+47 48 10 65 69
About
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,
About
The company has a workforce of over 40,600 and assets in excess of E154.6.billion. In 2022,
About
The Company's shares have been listed on the
About Klaveness Marine
Klaveness Marine is an investment company founded by
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