Israeli cold-energy storage firm Nostromo goes public via merger
Nostromo's Icebrick system (Photo: Nostromo)
June 22 (Renewables Now) - Nostromo, an Israeli ice-based thermal energy storage firm, on Monday said it has gone public and raised USD 13.6 million (EUR 11.4m) by completing a merger with Tel Aviv Stock Exchange-listed Somoto (TLV:SMTO).
Set up in 2017, Nostromo is commercialising technology based on modular ice cells to address the growing demand for cooling. Its system "charges" cold energy at times of low electricity demand or surplus renewable energy generation and "discharges” it for cooling when the grid faces high demand for air conditioning electricity.
"Our technology provides a solution to the energy requirements of air conditioning systems, which are the largest consumer on the grid," said CEO Yoram Ashery.
The technology is targeted at data centres, office buildings, hotels, shopping malls, hospitals, factories and other facilities with large power consumption for air conditioning and cooling.
The company said in a social media post that the development will accelerate its market expansion in its core market of California, where its systems can help prevent blackouts.