Israeli cold-energy storage company Nostromo has completed a merger with the Tel Aviv Stock Exchange (TASE) listed company Somoto, raising $13.6 million in the process.
Nostromo is commercializing an advanced energy storage technology based on modular ice cells for commercial and industrial buildings. The technology harnesses the power of renewables to meet the growing demand for cooling driven by global warming, while reducing stress on the grid.
Nostromo is an ideal solution for data centers, office buildings, hotels, shopping centers, hospitals, factories, and other facilities that carry large electricity demands for air conditioning and cooling. Other benefits from shifting electricity demand during peak hours for air conditioning include the buildings’ ability to meet other energy demands, such as charging electric vehicles, without further investment in infrastructure. In addition, several Nostromo systems can scale up to multi-MWh capacity, forming a virtual power plant.
Nostromo's proprietary technology has gained significant traction over the last two years. In April, Nostromo announced a 20-year agreement with the Hilton Beverly Hills hotel to install a 1.5 MWh system (serving both the Hilton and the adjacent Waldorf Astoria). Nostromo also signed an agreement with Sandstone Properties for the construction of an 900 kWh system in a Los Angeles office building and a memorandum of understanding with Westfield, one of the biggest owners and operators of large retail centers in the U.S, to install systems at its sites.
Nostromo also has R&D projects with strategic players, such as energy giant Royal Dutch Shell, the Israeli Electric Company and partnerships with leading US engineering companies. In February, Mayo A. Shattuck III, chairman of American energy giant Exelon, announced a $500,000 personal investment in Nostromo. In July, Nostromo will be launching a 600 kWh system installed on the roof of advanced medical device manufacturer Medinol. In addition to electricity cost savings, the system provides critical backup to Medinol’s clean rooms cooling system.
Nostromo CEO Yoram Ashery said, "To accelerate the transition to renewable energy, energy storage solutions are needed at an immense scale. Nostromo's energy storage technology offers an innovative, highly-efficient, clean, sustainable, scalable and safe alternative to lithium-based storage. Our technology provides a solution to the energy requirements of air conditioning systems, which are the largest consumer on the grid."
Nostromo founder CTO and president Yaron Ben Nun added, "Nostromo's transition from a private to a public company is an important milestone that will allow us to accelerate our market penetration and pursue widespread implementation of our technology. We strongly believe that our solution will help in the fight against global warming, which is everyone’s concern, therefore inviting the public investors to take part in our journey seems like a natural evolution as a company."
Published by Globes, Israel business news - en.globes.co.il - on June 22, 2021
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