Storage Drop wins rights to US DoE energy storage technology

Shay Cohen and Gadi Eisenkot Photo: Israel Hadari

The agreement opens up the US market to the Israeli company's advanced technologies for energy storage.

Israeli company Storage Drop (TASE: STRG), which specializes in developing advanced technologies for energy storage, announced today that it has received approval from the US Department of Energy (DOE) to use patent protected technology, which is fומגקג by the DOE.

Storage Drop’s technology uses air compressed by water to produce electricity, which was developed by the USA National Laboratories, and which in the opinion of the Storage Drop development team, complements the Israeli technology and opens up the US market for Storage Drop.

After negotiations conducted by the company over the past few months with representatives of the US DOE, and after a strict selection process, the DOE decided to approve Storage Drop’s application to commercialize this technology.

Storage Drop has received the exclusive rights to use the US technology, which is patent protected, and which complements the company’s own technology in this field. Storage Drop plans operating its prototype and utilizing the hardware and software that it has developed.

Storage Drop is also readying to operate its HyDrop storage system at Ashdod port. This is a storage system using compressed air to produce electricity connected to renewable energy facilities or connected directly to the electricity grid. The system is designed to store especially high-pressure air, during the hours of lowest demand for electricity, and convert compressed air to electric energy at peak demand hours. Storage Drop storage system is currently being operated in an area at Ashdod Port.

The company has also begun operating its CoolDrop system for producing cooling at a demonstration site in Rehovot. This is an energy storage system for supplying cooling and air conditioning to industrial buildings and cooling rooms. This system, the only one of its kind in the world, will store environmentally friendly "natural cooling" and will simultaneously produce cooling and electricity and will thus be ideal as a back up systems for times of emergency. The company’s systems are designed in such a way that they will have a long lifecycle of 30 years and more. Storage Drop’s offices are located in Rehovot and the company is headed by CEO Shay Cohen and chairman Gadi Eisenkot, the former IDF chief of staff.

Published by Globes, Israel business news - en.globes.co.il - on February 6, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Shay Cohen and Gadi Eisenkot Photo: Israel Hadari
Shay Cohen and Gadi Eisenkot Photo: Israel Hadari
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