FTSE-100 engineering company Spirax-Sarco has announced that it will take an ownership stake in in a Norwegian energy firm.
The Cheltenham-headquartered firm which specialises in thermal energy management has invested £3m in Kyoto Group in return for a 15% share of its issued shared capital.
The agreement covers the commercial and technological development of electric heaters, as well as other Spirax-Sarco Engineering technologies for existing and future generations of Kyoto's Heatcube. The deal also includes the acceleration of the decarbonisation of industrial process heat with the Heatcube, a molten salt thermal energy storage solution.
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Spirax-Sarco Engineering, Kyoto and Iberdrola, Europe’s largest electricity utility business 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 company has been working with Kyoto since 2021 providing the electric immersion heater and power control systems that power Heatcube.
Nicholas Anderson, group chief executive, Spirax-Sarco Engineering 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."
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