StorageDrop appoints Gadi Eizenkot as chairman

Gadi Eizenkot

Former IDF Chief of Staff Gadi Eizenkot will serve as chairman of the Israeli energy storage company.

Israeli green energy company StorageDrop has notified the Tel Aviv Stock Exchange (TASE) that former IDF Chief of Staff Gadi Eizenkot has been appointed chairman of the board of directors of the company. This is Eizenkot's first managerial position in the business sector, since finishing his term as the Chief of Staff.

Last month, StorageDrop announced that it was listing on the TASE, through a merger with Medivie Therapeutic. Under the terms of a Memorandum of Understanding signed by the two companies, StorageDrop's shareholders will hold about 75% in full dilution of the share equity of Medivie, which previously specialized in manufacturing medical cannabis products.

StorageDrop focuses on the development of advanced technology for storing green energy. The company has developed two separate storage systems for different aims: the first is a compressed air storage system for producing electricity in renewable energy installations, such as photovoltaic (solar) fields; and the second is a thermal storage system for supplying cooling and air conditioning for buildings in both the business and private sectors.

StorageDrop's solutions are designed to solve the gap between the availability of energy from natural resources and the time that it is used - a gap that requires a storage solution. In addition, the increase in electricity production from renewable sources is limited because there is no suitable storage solution.

The company's systems are still in the development stage, and they are being prepared in such a way that their life span will be long - 30 years or more. As of today, the company is in the development stage for the two systems. According to StorageDrop's forecasts, the company will begin to sell its systems in Israel in 2022. StorageDrop has about 14 employees and service providers in the company's offices in Netanya and Rehovot.

Alongside Eisenkot, StorageDrop is led by deputy chairman Yona Fogel, who served for 13 years as Paz Group CEO and chairman of the board of its subsidiary companies. The company's founder and CEO is Shay Cohen, who has major experience in the renewable energy sector.

Eizenkot served as the IDF's 21st Chief of Staff from 2015 to 2019. He said, "Coping with extreme climate change and creating available and green energy alternatives is of the greatest importance. StorageDrop's green energy storage technology is an important tool in this challenge."

Eizenkot added, "Green energy, which can be stored is cheaper than conventional fuels and it will save energy expenses for the private and business sector. It is important that Israel will be in the forefront of the global efforts in this field."

Published by Globes, Israel business news - en.globes.co.il - on April 12, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Gadi Eizenkot
Gadi Eizenkot
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