Kyoto Group announced the successful Initial Operational Test (IOT) of Heatcube installed at the Nordjylland Power Station in Denmark ("Norbis Park") and the subsequent commercial handover of the Heatcube as defined in the leasing agreement dated Nov. 18th, 2021, from Kyoto Group AS to Nordjyllandsværket A/S. The parties have successfully executed the Initial Operations Test (IOT) to demonstrate the operability of Heatcube and its capability to perform service as a heat storage system, absorbing power from the electrical grid, storing thermal energy in molten salt and delivering heat to the district heating system. The IOT has confirmed the integrated functionality of the flow heater, circulation of salt, heat-tracing, steam-generator, air system, salt draining system and all safety functionality, thus confirming that Heatcube is now operational.

Upon handover according to the "Commercial Handover Protocol" that now has been signed, Nordjyllandsværket commercially takes over Heatcube meaning that the lease is activated and the leasing price payable in accordance with the terms of the leasing agreement. Within the upcoming two months, the parties will fine-tune the operation of Heatcube together and Kyoto Group will provide comprehensive training for the staff at Nordjyllandsværket, enabling them to proficiently operate Heatcube and conduct the thorough performance test, ensuring its alignment with all design parameters.