OSLO, NORWAY: Kyoto Group AS introduced the acquisition of Mercury Energy S.L. from Andrés Barros Borrero, who’s additionally the proprietor of RPOW Consulting.
Mercury Energy will become a subsidiary of Kyoto and a brand new enterprise unit named Kyoto Technology Spain S.L. The share buy settlement with Andrés Barros Borrero was signed on 23 March 2022 and Kyoto expects that the transaction will be accomplished throughout April or May 2022.
The acquisition will considerably strengthen Kyoto’s molten salt capabilities and development capacity, and expand the company’s geographic footprint near its key markets in Europe, to have the ability to serve the increasing demand for thermal energy storage in Europe.
”Mercury Energy is a nice strategic match for us at Kyoto, including to our rising capability and bringing the important thing capabilities we have to quickly scale our enterprise and speed up the commercial rollout of Heatcubes throughout Europe. Their extensive competence on thermal energy storage in molten salt in addition to steam-generation enables us to ship modular and scalable options to a few of the most interesting industrial customers in Europe,” says Kyoto Group CFO and Interim CEO Camilla Nilsson.
While strategic match and technology competence are the most important advantages from the acquisition, Mercury Energy will additionally bring significant IPR for molten salt thermal energy storage in addition to the chance to set up a enterprise unit near key markets for the rollout and after-market services of Heatcube thermal batteries to European industrial companies.
Building on the well-established partnership with Spanish consulting firm RPOW, the transaction permits Kyoto to welcome a number of seasoned molten salt experts to its rising team. Coming from RPOW Consulting and the team currently engaged on the Heatcube development, Andrés Barros Borrero will become Technology Director within the Kyoto Group & General Manager for Kyoto Technology Spain. He will be accountable for R&D and O&M actions within the Kyoto Group tech center in Spain, main a team of expert engineers.
“The alliance between RPOW Consulting and Kyoto Group gives rise to a globally main firm devoted to developing innovative thermal storage products,” says Andrés Barros Borrero.
Andrés Barros Borrero is an Industrial Engineer from the University of Seville with sixteen years expertise in thermal energy storage utilized to CSP and industrial applications. He is currently the General Manager of RPOW Consulting. Prior to RPOW, he developed his expert profession in main companies like Abengoa and Sener and is one of many world’s main engineering experts with hands-on expertise in developing CSP and molten salt options for thermal energy storage.
The consideration for the shares in Mercury Energy S.L. is a money payment at completion of the transaction. In addition, Andrés Barros Borrero will be entitled to additional compensation for the shares upon satisfaction of agreed milestones linked to future commercialization of Heatcubes in Spain for the interval till 1 January 2026, paid as shares in Kyoto Group AS.
“By buying Mercury Energy we’re able to develop our team of expert engineers with in-depth knowledge about thermal storage, molten salt and steam-generation, along with significant molten salt IPR.” says Bjarke Buchbjerg, the CTO of Kyoto Group.
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