By Giulia Petroni

Iberdrola said Thursday that it will invest 3 million euros ($3.3 million) to acquire a 12.8% stake in Norwegian thermal battery company Kyoto Group.

"With this step, Iberdrola advances in its strategy of providing industrial customers with solutions to decarbonise their heat demand," the Spanish energy group said. "Thermal storage solutions are a key technology for supplying green heat at a competitive cost."

Earlier on Thursday, Spirax-Sarco Engineering also said that it will invest 3 million pounds ($3.8 million) in return for a 15% share of Kyoto's issued share capital.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

June 22, 2023 04:56 ET (08:56 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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