Spirax-Sarco to Buy Stake in Kyoto Group; Makes Plans with Kyoto, Iberdrola

By Joe Hoppe

Spirax-Sarco Engineering said Thursday that it will take an ownership stake in Kyoto Group, and will make investment, partnership and commercial agreements with Kyoto and Iberdrola to support development of the Heatcube technology.

The steam-system engineering company said that subject to formal approval at Kyoto's annual meeting on June 30, the three companies will agree to support development of molten salt thermal-energy storage solution Heatcube.

Spirax will invest 3 million pounds ($3.8 million) in return for a 15% share of Kyoto's issued share capital. This is roughly in line with Kyoto's current market cap of 215 million Norwegian krone ($20.2 million).

The partnership agreement covers the commercial and technical development of electrical heaters, along with other Spirax-Sarco Engineering technologies, for existing and future generations of Heatcube and targeting commercialization.

"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," Chief Executive Nicholas Anderson said.

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(END) Dow Jones Newswires

June 22, 2023 02:49 ET (06:49 GMT)

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