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$9.1m funding for cold-energy storage firm

ISRAEL: Cold-energy storage company Nostromo Energy has secured a $9.1m equity investment to support the Israeli company’s growth in the US.

The provider of sustainable energy storage solutions to commercial and industrial buildings, based on its proprietary IceBrick technology, Nostromo raised $13.6m after commencing trading on the Tel Aviv Stock Exchange in June. Now it has secured $7m of equity financing by the Migdal Group, one of the largest financial groups in Israel, and a further $2m from Freepoint Commodities, a Connecticut-based commodities and energy trading company and developer of renewable energy projects.

The proceeds of this investment will be used by Nostromo to expand its business operations in the US market, as well as expand its R&D, software, engineering, project management, production, Q&A, regulatory and US sales and marketing organisation. 

Nostromo’s encapsulated ice cells are charged with cold energy during hours when electricity demand is low or there is a surplus of renewable energy, and “discharges” the energy during peak consumption hours.

“This investment further strengthens our financial position and, more importantly, creates partnership with two important shareholders with significant value,” said Yoram Ashrey, CEO of Nostromo. Migdal is a leading institutional investor, with a clear commitment to clean energy, energy storage, and sustainability in general. Freepoint brings a broad and deep understanding of energy markets, which will be highly valuable to us as we grow in the US market.” 

“Nostromo’s innovative IceBrick is a solution unique in its safety and reliability, and will no doubt be a compelling mechanism to create behind-the-meter power storage in the future,” said David Messer, CEO of Freepoint Commodities.

Related stories:

Ice-powered energy storage firm raises $13.6m22 June 2021
ISRAEL: Nostromo, an Israeli cold-energy storage company, has raised $13.6m after commencing trading on the Tel Aviv Stock Exchange (TASE). Read more…

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