Storage Drop (TASE: STRG) has moved forward another significant step on the way to commercializing the thermal energy storage system that it has developed. The company has completed building a prototype of its HyDrop thermal storage system for producing electricity, which it has developed on land at Ashdod Port, and which is scheduled to begin operating in the coming weeks, following the completion of the installation and operation of the compression system.
Storage Drop develops advanced technology for renewable energy storage. The company has developed two different energy storage systems: HyDrop, which is an energy storage system using compressed air to produce electricity in a renewable energy installations, such as photovoltaic fields (solar energy); and CoolDrop, an energy storage system that supplies cooling and air conditioning for industrial buildings, shopping malls, and the like.
The first system HyDrop is designed for storing high pressure air, during the hours when demand for electricity is at its lowest, and converting compressed air to electrical energy. The second system CoolDrop will be installed at the company’s site in Rehovot and will store environmentally friendly "natural cooling" and will allow cooling and air conditioning, fueled by gas from underground containers, in the same way that gas is consumed for household cooking and water heating. The cooling system will produce cool air and electricity at the same time, and is therefore ideal as a backup system in emergency situations.
After installation of the prototype at Ashdod Port, Storage Drop will be authorized to complete installation of the prototype of the CoolDrop system, at the company’s own site in Rehovot. During 2022, the company is due to complete development of HyDrop on a commercial scale, as well as the development of CoolDrop on a commercial scale, and will begin selling the systems during the coming year.
Storage Drop is traded on the Tel Aviv Stock Exchange (TASE), with a market cap of NIS 117 million. The largest shareholders in the company are Shay Cohen (41.6%), Menachem Cohen (12.3%). The company recently raised $2 million from private investors.
Published by Globes, Israel business news - en.globes.co.il - on January 16, 2022.
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