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Spirax-Sarco Engineering PLC on Thursday said it will take an ownership stake in Kyoto Group and enter deals to accelerate Kyoto’s Heatcube. The Cheltenham, England-based thermal energy management and pumping company said it will invest £3.0 million in return for a 15% share of Kyoto’s issued share capital. Kyoto is based in Lysaker, Norway. ‘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,’ Spirax-Sarco said. The Heatcube is a molten salt thermal energy storage solution. Chief Executive Nicholas Anderson added: ‘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.’ Spirax-Sarco said it has been working with Kyoto since 2021 providing the electric immersion heater and power control systems that power Heatcube. The partnership also includes utility firm Iberdrola SA. Spriax shares were down 0.6% at 10,130.00 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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