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.
