TIDMSPX
RNS Number : 5118D
Spirax-Sarco Engineering PLC
22 June 2023
News Release
22(nd) June 2023
Kyoto Investment and Partnership Agreement
Spirax-Sarco Engineering plc, the leading global thermal energy
management and fluid technology solutions Group, announces that it
will take an ownership stake in Kyoto Group (Kyoto) and enter into
agreements to accelerate the decarbonisation of industrial process
heat with Kyoto's Heatcube, a molten salt thermal energy storage
solution.
Subject to formal approval at Kyoto's Annual General Meeting to
be held on 30(th) June 2023, Spirax-Sarco Engineering, Kyoto and
Iberdrola, Europe's largest electricity utility by market
capitalisation 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 Group has been working with Kyoto since 2021 providing
the electric immersion heater and power control systems that power
Heatcube.
Spirax-Sarco Engineering will invest GBP3 million in return for
a 15% share of Kyoto's issued share capital. The partnership
agreement covers the commercial and technological development of
electrical heaters, as well as other Spirax-Sarco Engineering
technologies, for existing and future generations of Heatcube to
support commercialisation and market adoption.
Nicholas Anderson, Group Chief Executive, Spirax-Sarco
Engineering plc, 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."
Enquiries:
Nicholas Anderson, Group Chief Executive
Nimesh Patel, Chief Financial Officer
Mal Patel, Head of Investor Relations
About Spirax--Sarco Engineering plc
Spirax--Sarco Engineering plc is a leading global thermal energy
management and fluid technology solutions Group that aims to
deliver sustainable value to all its stakeholders through
engineering a more efficient, safer and sustainable world. . It
comprises three world--leading Businesses: Steam Specialties, for
the control and management of steam; Electric Thermal Solutions,
for advanced electrical process heating and temperature management
solutions; and Watson-Marlow, for peristaltic pumping and
associated fluid path technologies. The Steam Specialties and
Electric Thermal Solutions Businesses provide a broad range of
fluid control and process heating products, engineered packages,
site services and systems expertise for a diverse range of
industrial and institutional customers. Both Businesses help their
customers improve process efficiencies, meet environmental
sustainability targets, improve product quality and enhance the
safety of their operations. Watson--Marlow provides solutions for a
wide variety of demanding fluid path applications with highly
accurate, controllable and virtually maintenance-free pumps and
associated technologies.
The Group is headquartered in Cheltenham (UK), has 40
strategically located manufacturing plants around the world and
employs more than 10,000 people, including more than 2,100 direct
sales and service engineers. Through its One Planet: Engineering
with Purpose Sustainability Strategy, the Group is committed to
achieving net zero emissions for scopes 1 and 2 by 2030 and for
scope 3 by 2050. In 2022, the Group launched its TargetZero
solutions for the decarbonisation of critical industrial
processes.
The Company's shares have been listed on the London Stock
Exchange since 1959 (symbol: SPX) and it is a constituent of the
FTSE 100 and the FTSE4Good Indexes.
Further information can be found at
www.spiraxsarcoengineering.com
About Kyoto Group
Heat accounts for two-thirds of industrial energy consumption.
Traditionally, nearly all of it is based on fossil fuels. Kyoto
Group's Heatcube, a thermal energy storage (TES) solution, provides
a sustainable and cost-effective alternative by capturing and
storing abundant but variable energy from sources such as solar and
wind. Founded in 2016, Kyoto Group is headquartered in Oslo,
Norway, and has subsidiaries in Spain and Denmark. The Kyoto share
is listed on Euronext Growth (ticker: KYOTO). www.kyotogroup.no
Heatcube
Kyoto Heatcube provides thermal energy storage and heat
generation in one product. It supplies industrial customers with
the technology needed to lower both their costs for producing
process heat and their CO(2) emissions using intermittent renewable
energy sources instead of fossil fuels for heat production.
Heatcube can be configured with storage capacities from 16 MWh
to over 96 MWh, with a discharge effect for each Heatcube of up to
20 MW. It is an innovative, low-cost, and modular storage solution
for thermal energy that can use multiple renewable energy sources
to heat molten salt to over 415 degrees Celsius. The
high-temperature salt is then used to produce steam for industrial
production processes.
About Iberdrola
Iberdrola, Europe's largest electricity utility by market
capitalization and one of the world's top three electricity
companies, is a leader in renewables, spearheading the energy
transition to a low carbon economy. The group supplies energy to
almost 100 million people in dozens of countries. With a focus on
renewable energy, smart networks and smart solutions for customers,
Iberdrola's main markets include Europe (Spain, the United Kingdom,
Portugal, France, Germany, Italy and Greece), the United States,
Brazil, Mexico and Australia. The company is also present in growth
markets such as Japan, Taiwan, Ireland, Sweden and Poland, among
others.
The company has a workforce of over 40,600 and assets in excess
of EUR154.6 billion. In 2022, Iberdrola posted revenues of nearly
EUR54 billion, net profit of EUR4.34 billion, with EUR7.5 billion
paid in tax contributions in the countries where it operates. The
company helps to support more than 400,000 jobs in communities
across its supply chain, and global supplier purchases topped
EUR17.8 billion in 2022. A benchmark in the fight against climate
change, Iberdrola has invested more than EUR130 billion over the
past two decades to help build a sustainable energy model, based on
sound environmental, social and governance (ESG) principles.
www.iberdrola.com/home
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFBMPTMTJTBJJ
(END) Dow Jones Newswires
June 22, 2023 02:00 ET (06:00 GMT)
Spirax-sarco Engineering (LSE:SPX)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Spirax-sarco Engineering (LSE:SPX)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024