Storage Drop (TASE: STRG) has announced the award of a grant by the EU funding program - HORIZON in the Clean and Efficient Cooling 2023 Track. The €2.5 million grant will be shared by Storage Drop, the Technion-Israel Institute of Technology, Spain’s University of Rovira I Virgili (URV), the French Research Institute CNRS Promes, UCA, AristEng process engineering, and Spanish strategic company - Inveniam Group. Storage Drop’s portion of the grant is €1 million, which will be dedicated to R&D, design and manufacturing of the product.
This R&D project aims to develop a cooling system for low temperatures (-40oC to +12oC). The system will be fed by solar panels, which will supply electricity to the system to produce 5 TR of cooling 24/7. The cooling cycle will be based exclusively on clean elements (water, CO2 and other natural materials). The company estimates that the system’s construction will take around 12 months.
Storage Drop CEO Shay Cohen said, "We are proud that for the second time in less than two months, Storage Drop’s technology has won the confidence of professional grant awarding organizations (Israel Innovation Authority and the European Commission). The biggest research institutes in the world are working with us on this unique project. It is a considerable achievement at the international level for Israeli development that has made significant progress in implementing clean and efficient technologies."
Storage Drop is developing a product that will be clean, efficient and compatible with solar PV panels. The cooling and storage technology developed by the company uses environmentally friendly gas (CO2), compresses it using a liquid piston technology, discharges the compressed gas (liquid phase) into its patented expander device and produces cooling according to demand.
The system is designed to allow a stable and constant supply of cooling, with significantly less energy consumption than standard chillers. In other words, the system under development will allow for cleaner and more efficient cooling than the methods currently available on the market.
Beyond the advantage of, energy efficient cooling process as compared to current conventional cooling methods. The system will be integrated with a thermal battery to enable charging during off-peak hours and discharging during peak demand hours.
Energy savings during the efficient cooling process and off-peak charging lead to maximum savings in electricity consumption. The company's revenue will derive from electricity savings, low cost of operations and maintenance (O&M) and reduced carbon tax resulting from the operation of the system being developed.
CoolDrop is based on technology that to the best of Storage Drop's knowledge is the first of its kind worldwide. The company’s cooling technology is designed to solve the limitations and challenges in existing cooling technologies that produce cooling based on gases that pollute the environment and making use in inefficient storage solutions currently existing on the market.
Earlier this year, the company received an additional award from the Israel Innovation Authority for its unique compressor (air compression). Storage Drop is targeting the compressed air market to factories with its unique isothermal compression method and is working on the construction of its bigger-scale compressed air plant. It aims to sell compressed air and cooling products in overseas markets (Europe, Asia and the US), where electricity tariffs are high and thus returns the investment rapidly.
Storage Drop is an energy company that has developed three products that are in major demand in Israel and worldwide: the HyDrop energy storage system for electricity generation, its demo site built at Ashdod Port; DropX air compressor (which is the charger of HyDrop), and the CoolDrop cooling system, built on the company’s demonstration site in Rehovot.
Published by Globes, Israel business news - en.globes.co.il - on March 17, 2024.
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