Kyoto Group AS has entered a transaction with Glentra Fund I K/S to raise NOK 286.7 million and has received a voluntary all-cash offer at NOK 24.00 per share, securing significant shareholder support for growth and sustainability initiatives.

Information on the Target

Kyoto Group AS, commonly referred to as Kyoto, is a Norway-based company recognized for its innovative thermal energy storage solution known as Heatcube. Founded in 2016 and headquartered in Oslo, Kyoto addresses the significant challenge of industrial energy consumption, which is predominantly reliant on fossil fuels. The Heatcube solution captures and stores energy from renewable sources like solar and wind, thus providing a sustainable alternative for industries eager to transition away from traditional energy sources. Additionally, Kyoto has established subsidiaries in Spain and Denmark, emphasizing its commitment to wider European energy solutions.

On June 14, 2024, Kyoto announced a transaction agreement with GF I Kiln HoldCo AS, an acquisition vehicle created by Glentra Fund I K/S. This agreement includes a directed share issuance and a recommended voluntary all-cash offer for all outstanding shares of Kyoto. Notably, shareholders holding 73.5% of Kyoto's shares have expressed support for this transaction.

Industry Overview in Norway

The energy sector in Norway is characterized by a robust commitment to renewable sources, leveraging the country’s abundant natural resources, primarily hydropower. While hydropower serves as the backbone of Norway's energy system, there is growing recogn