Skyven Technologies Transforms the Financing of Industrial Decarbonization Projects

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Oct 12, 2023, 08:43 ET

Skyven's unique Energy-as-a-Service model demonstrates the impact of public-private funding

RICHARDSON, Texas, Oct. 12, 2023 /PRNewswire/ -- Skyven Technologies, Inc., an Energy-as-a-Service company with a mission to decarbonize industrial process heat, and Kyotherm, Inc., an investment company that specializes in the third-party financing of renewable thermal projects, have demonstrated public-private funding to decarbonize America's industrial manufacturing sector. This innovative financial approach was used to successfully implement the six decarbonization projects recently announced by Skyven and California Dairies, Inc (CDI), enabling more than 3,500 metric tons of CO₂ reduction over the past year.

A Skyven heat recovery system at California Dairies Inc, one of six decarbonization projects recently implemented with public-private funding.

This public-private project financing, built on Skyven's Energy-as-a-Service (EaaS) model, combines direct financing from Skyven, third-party financing from Kyotherm, and public funding from the California Energy Commission's Food Production Investment Program (FPIP). Skyven's EaaS model is compatible with state and federal grant funding, including the FPIP program, serving a growing need for public-private partnership.

Under the EaaS model, the clean emissions-free heat delivered by Skyven's systems is measured and verified with meters and IoT data monitoring. The manufacturing facility pays for the delivered heat at prices lower than their current natural gas costs. The savings are shared by the manufacturer, third party financers, and Skyven for the life of the contract.

"When we first announced this partnership back in 2021, it was unproven - no one was doing this for industrial heat," said Arun Gupta, CEO of Skyven Technologies. "Today we're proud to report that the combination of public and private funding sources has led to fully operational industrial decarbonization projects that are outperforming original expectations - with no cost to the industrial manufacturer."

"Skyven's Energy-as-a-Service model removes the major financial barrier to industrial decarbonization projects," said Arnaud Susplugas, CEO of Kyotherm Inc. "It is great to see that Kyotherm's access to competitive capital and our dedication to energy efficiency projects are helping lead the industrial decarbonization revolution."

About Skyven Technologies

Skyven Technologies is an Energy-as-a-Service company with a mission to decarbonize industrial process heat. Skyven works with manufacturers in hard-to-decarbonize industries to reduce their onsite CO₂ emissions by delivering clean, emissions-free process heat at prices lower than natural gas. Skyven installs their latest decarbonization technology, including the Arcturus line of steam generating heat pumps, with no capital cost to the manufacturer. For more information, visit https://skyven.co/.

About Kyotherm

Kyotherm is an Energy-as-a-Service investment company and energy producer dedicated to renewable heating and energy efficiency projects, with varied technologies including waste heat recovery, solar thermal, biomass, geothermal, storage as well as district heating networks and installations allowing reduced energy consumption. As of August 2023, it has financed, owns, manages, or has committed to fund a total of 45 projects, representing an aggregate capacity of 230 MW and a production of more than 3,050,000 MMBtu per year in savings or renewable energy. More information on www.kyotherm.com/en

SOURCE Skyven Technologies