Led · Equity · Nov 2021

Nostromo Energy Ltd. is an Israel-based provider of sustainable energy storage solutions for commercial and industrial buildings built on its proprietary IceBrick™ technology. The IceBrick™ stores energy during off-peak or surplus solar hours and supplies cooling during peak hours and is designed for deployment at scale. Led by CEO Yoram Ashrey, the company targets commercial and industrial building customers. Nostromo plans to expand its business operations in the US and to grow its R&D, software, engineering, project management, production, Q&A, regulatory, and US sales and marketing organization. Financially, the company completed a $9.1M equity financing in a private issuance of ordinary shares (price per share $10.8) that included non-tradable warrants to invest an additional $6.4M. Completion of the investment is subject to approval by the Tel-Aviv Stock Exchange to list the issued shares for trade. Nostromo develops the Nostromo IceBrick™, a proprietary cold-energy storage solution that stores energy during off-peak or surplus solar hours and releases it for cooling during peak demand. The system is designed for large electricity-demand sites such as data centers, office buildings, hotels, shopping centers, hospitals and factories and can be deployed at scale. Over the last two years the company says its technology has gained significant traction, securing commercial deals and pilot projects. In April Nostromo signed a 20-year agreement to install a 1.5 MWh system at the Hilton Beverly Hills (also serving the adjacent Waldorf Astoria) and agreed with Sandstone Properties on a 900 kWh installation in a Los Angeles office building; it also signed an MOU with Westfield for potential retail-center deployments. Nostromo runs R&D projects with strategic players including Royal Dutch Shell and the Israeli Electric Company and has partnerships with leading U.S. engineering firms. Financially, the company completed a financing tied to a merger that raised $13.6M and earlier received a $500,000 personal investment from Mayo A. Shattuck III.