The US Department of Energy approved the energy storage company
Nostromo
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Financing the installation of systems with a government guarantee. The amount: 189 million dollars.
The request for financing submitted by the company stems from the desire to deploy up to 120 systems with a capacity of 275 megawatts, so that the customer will pay usage fees instead of purchasing the system. The funding will go to a project company that will be established for this purpose and will purchase the systems from the company.
The Nostromo company is engaged in the storage and management of energy demand. Last July, it submitted an application for state-guaranteed financing to deploy its systems in the US, with a focus on the state of California. Now the financing has been approved, but is subject to the completion of due diligence. The inspection will be conducted for several months, up to a year. At the same time, the company does not wait and signed an agreement on a bank Independence Point Investments to raise additional capital for the projects company and to receive support for the program.
In August of this year, the company announced that its flagship project – the installation of the storage facility at the Hilton Beverly Hills, is in its final stage and will be operational in about a year. This happened two months after it won the tender to supply a storage system to Soroka Hospital, which should reduce electricity and air conditioning costs in the hospital and provide backup for the systems.
The company stated that the technology meets the criteria of the US Department of Energy and that it was found worthy of funding in terms of innovation, the benefit to the US energy economy in reducing carbon emissions and the general suitability of the technology for the goals of the program.
Yoram Ashari CEO of Nostromo: “The approval of the US Ministry of Energy expresses the growing interest in the use of Nostromo technology and is a substantial expression of interest on the part of the most senior energy body in the US. This is a significant milestone that will allow us to accelerate the plans for assimilating the company’s technology to realize our vision to change the way in which the commercial and industrial sectors consume energy and significantly reduce carbon emissions.”
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