Spirax-Sarco to Buy Stake in Kyoto Group; Makes Plans with Kyoto, Iberdrola
June 22 2023 - 2:04AM
Dow Jones News
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.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
June 22, 2023 02:49 ET (06:49 GMT)
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