Richardson-based Skyven Technologies and Kyotherm announced a $70 million co-development and project finance agreement to accelerate deployment of Skyven’s groundbreaking steam-generating heat-pump technology. The technology, called Arcturus, is aimed at “decarbonizing” hard-to-abate industries and facilities across the United States.

Skyven’s Arun Gupta
Skyven, which focuses on emissions-free industrial steam, and Paris, France-based Kyotherm, a financier of renewable thermal energy projects, said the project finance is “catalyzed” by Skyven’s recent $145 million award from the Department of Energy’s Office of Clean Energy Demonstrations.
“This capital helps fund our Energy-as-a-Service offering, allowing us to deploy Arcturus at industrial manufacturing facilities—saving them money and cutting their emissions with no capital expense required,” Skyven founder and CEO Arun Gupta said in a statement. “We’re excited to grow our longstanding relationship with Kyotherm, and continue to advance the transition to cleaner industrial processes, together.”
Skyven said the co-development agreement combines project debt and equity under a milestone-based structure, with Skyven maintaining majority ownership, control, and operational responsibility for the decarbonization projects. The company said this structure seamlessly integrates all phases of funding required for Skyven’s Energy-as-a-Service projects, combining development capital for initial design and planning and construction capital to support the on-site buildout of the Arcturus steam-generating heat pump.
“Kyotherm is our one-stop shop for private capital on these upcoming projects, and we are thrilled to work together to allow our customers to achieve immediate and long-term results while mitigating risk and ensuring success,” Gupta said.
California projects reduce CO2 emissions
The partnership further enables Arcturus projects to improve air quality in local communities by reducing emissions, create good-paying jobs across America, and develop workforce training programs to improve the competitiveness of industrial manufacturers, Skyven said.
“We’re proud to partner with Skyven Technologies again, and we see a lot of potential in the deployment of high temperature industrial heat pumps such as Arcturus,” Arnaud Susplugas, CEO of Kyotherm, said in a statement. “This relationship aligns with our commitment to finance with an optimized cost of capital scalable solutions that address the urgent challenge of industrial decarbonization.”
Skyven said the agreement strengthens the existing relationship that it and Kyotherm began in 2021, which led to the successful implementation of six decarbonization projects at California Dairies Inc. The projects have resulted in an annual reduction of over 7,000 megatons of CO2 and required zero capital outlay from California Dairies, Skyven said.
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