The energy company will invest three million euros
With this step, Iberdrola advances its strategy of providing industrial clients with solutions to decarbonize their heat demand, which represents more than 50% of the industry's final energy needs.
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Iberdrola joins the Kyoto Group as a strategic investor and business partner in an alliance to accelerate the decarbonization of heat from industrial processes with the incorporation of heatcube, the thermal energy storage solution of Kyoto.
The energy company will invest three million euros through its start-up program, PERSEUS, which will allow it to control 12,8% of the capital and have a presence on its board of directors. With this step, Iberdrola advances the strategy of providing industrial customers with solutions to decarbonize their heat demand, which represents more than 50% of the industry's final energy needs. Thermal storage solutions are a key technology to supply green heat at a competitive cost. The green industrial heat generated with this technology, together with green hydrogen, ammonia and other derivatives in which Iberdrola is a world leader, complements the portfolio of sustainable energy solutions that Iberdrola offers to its industrial clients.
“The alliance with Kyoto and its Heatcube thermal storage solution is another step for Iberdrola in its mission to decarbonize the economy through electrification. Storage is one of the major challenges of the energy transition, so this collaboration with the Norwegian group will be key to our strategy,” he says. Fernando Mateo, global head of Industrial Decarbonization at Iberdrola.
"This is a pivotal moment for the Kyoto Group. Beyond the capital increase, the fact that Iberdrola and Spirax-Sarco Engineering “Putting their plans, market access, and credibility at the service of Heatcube's commercialization opens up enormous market opportunities and provides us with top-tier technological support. We are already working on several specific commercial projects for Iberdrola clients and expect to see positive results soon,” he says. Camilla Nilsson, CEO of the Kyoto Group.
Together with Iberdrola, the world leader in thermal energy management will also invest in Kyoto Spirax-SarcoIn addition to the commercial and technical cooperation for the commercialization and adoption of Heatcube in the market, the investment will increase Kyoto's presence in Spain, where a third of its staff and a good part of its suppliers are currently located, thus contributing to the fabric industrial and to generate local value chain in projects.
Headquartered in Bilbao (Spain), Iberdrola has been committed to clean energy for more than 20 years, with the goal of exceeding 52.000 MW of renewable capacity by 2025. Iberdrola recently presented its Climate Transition Plan to the United Nations, in response to the call of the UN Secretary General, with the objective of achieving net zero emissions in 2040 following a realistic, ambitious and responsible line.
The role of Perseus
Iberdrola has made the investment in Kyoto through its start-up program, PERSEUS, which has contributed to the electricity company implementing innovative solutions to promote renewable energies, the decarbonization and electrification of the economy, the digitalization of networks, the promotion of efficient storage and care for the environment. There are more than 7.500 start-ups in the program's ecosystem, including unicorns – companies valued at more than $1.000 billion – such as the manufacturer of charging solutions for electric vehicles Wallbox and Stem, which offers smart storage solutions in batteries.
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