Spirax-Sarco Engineering plc (LON:SPX), the leading global thermal energy management and fluid technology solutions Group, has announced that it will take an ownership stake in Kyoto Group 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 30th 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.”
