Iberdrola has made a â‚¬3 million investment in Kyoto Group in return for a 12.8 stake in the Norwegian utilityâ€™s thermal energy storage company Heatcube.
The investment will increase Kyoto’s presence in Spain, where it currently employs one third of its workforce, a statement said.
Alongside Iberdrola, the world leader in thermal energy management Spirax-Sarco will also invest in Kyoto.
“The partnership with Kyoto and its Heatcube thermal storage solution is a further step for Iberdrola in its mission to decarbonise the economy through electrification. Storage is one of the major challenges in the energy transition, hence this collaboration with the Norwegian group will be key to our strategy,” said Fernando Mateo, global head of industrial decarbonisation at Iberdrola.
Camilla Nilsson, CEO of the Kyoto Group, said: â€œThis is a turning point for the Kyoto Group. Beyond the capital increase, the fact that both Iberdrola and Spirax-Sarco are vesting their plans, market access and credibility behind the commercialisation of Heatcube, opens up huge market opportunities and provides us with world-class technological support.â€