StorageDrop lists on TASE through Medivie merger

Yona Fogel  / Photo: Tamar Matsafi
Yona Fogel / Photo: Tamar Matsafi

The Israeli company develops advanced technology for storing renewable energy.

Energy storage company StorageDrop is listing on the Tel Aviv Stock Exchange through a merger with Medivie Therapeutic (TASE: MDVI). Under the terms of a Memorandum of Understanding (MoU) signed by the parties, StorageDrop's shareholders will hold about 75% of Medivie's share equity in full dilution. Medivie had specialized in producing medical cannabis products. According to the merger agreement, one of the terms on which the completion of the merger is contingent, is that there will be NIS 17.5 million in the company's coffers, close to the date of the transaction's completion.

StorageDrop develops advanced technology for storing renewable 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. The first system is designed to store air, at times in which there is the lowest demand for electricity, by compressing it into its tank and converting the compressed air to electricity, as required. The system is suitable for supplying energy at competitive storage costs, in terms of kilowatt hours, compared with rival systems.

The company says that the second system is the first of its kind in the world for environmentally friendly chilled storage. The system stores an environmentally friendly gas mixture, during low demand hours, by compressing the chilled air into its tank and releasing the chilled air at low pressure and generating cool air during peak demand for cooling and air conditioning. In this way, the system allows storing energy during low demand hours and releasing the energy at peak energy tariffs. The system can connect to renewable or conventional sources and can be installed in office buildings, server farms, factories, shopping centers and commercial buildings.

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. According to StorageDrop's forecasts, the company will begin to sell its systems in Israel in 2022. StorageDrop has 14 employees and service providers in the company's offices in Netanya and Rehovot.

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..

StorageDrop's deputy chairman is Yona Fogel who served for 13 years as Paz Group CEO and chairman of the board of its subsidiary companies. The company's controlling shareholder, founder and CEO is Shay Cohen, who held senior positions at BrightSource Energy, Intel and Swap Technology.

Cohen said, "Today the price of electricity production from renewable electricity sources is significantly lower than the cost of producing electricity from fossil fuel sources. However, real-time energy production capability must be the same as the actual consumption. StorageDrop allows continuous, available and efficient production from renewable sources for the energy needs of people in natural surroundings and at lower cost than rivals, most of whom manufacture batteries. StorageDrop's storage technology will assist in coping with changes in energy consumption and will allow postponement of investments in the electricity grid, linking up small producers with the electricity utility company as well as high command and control, through storing renewable energy and releasing it, when required."

Fogel added, "StorageDrop's technology removes the main obstacle to developing renewable energy and will speed up its becoming the dominant electricity supplier worldwide. Use of the company's technology will be a very major contribution to making the world greener and healthier as well as contributing significantly to energy producers and consumers."

Published by Globes, Israel business news - en.globes.co.il - on March 21, 2021

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

Yona Fogel  / Photo: Tamar Matsafi
Yona Fogel / Photo: Tamar Matsafi
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