#United States #California #Nostromo Energy #IceBrick #DOE Commitment

Nostromo Energy Lands Major Funding

Nostromo Energy, an innovator in thermal energy storage, has announced a significant achievement with the U.S. Department of Energy (DOE). The company has secured a conditional commitment for a remarkable $305 million loan guarantee aimed at enhancing cooling systems in California's commercial buildings through its IceBrick® technology. This groundbreaking project, dubbed Project IceBrick®, is designed to mitigate costs, cut emissions, and alleviate the strain on the electrical grid during peak demand times.

The funding will support the installation of IceBrick® systems across an impressive 193 commercial buildings throughout California. In a nod to social responsibility, Nostromo aims to allocate at least 20% of these projects to underserved communities. This initiative not only promises to increase local system reliability but also anticipates the creation of more than 200 jobs, predominantly in construction, enhancing workforce opportunities.

With California being the country’s second-largest energy consumer, it has set ambitious goals for itself: to achieve a 60% clean energy grid by 2030 and 100% by 2045. Nostromo’s IceBrick technology is positioned to play a crucial role in this transition by helping to reduce thermal energy consumption, which constitutes a staggering 74% of electrical usage in buildings, especially for heating and cooling systems (HVAC).

The IceBrick® systems operate effectively by charging during off-peak hours when electricity demand is low and discharging when rates are higher. This not only helps businesses save on energy costs but also promotes the use of cleaner energy during peak times when traditional, less environmentally friendly sources are utilized. Each IceBrick storage cell is constructed entirely in the U.S. from recycled materials, exemplifying a commitment to sustainability.

One of the standout benefits of the IceBrick® system lies in its ability to function as a virtual power plant (VPP). By strategically managing these stored energy resources, the project significantly helps lower the need for natural gas peaker plants, which are notorious for their environmental impact. During peak periods, where air conditioning systems can account for up to 50% of energy load, the VPP concept allows for the timely management of energy usage while improving overall grid efficiency.

Yoram Ashery, CEO of Nostromo Energy, expressed optimism about the project, stating, "We are excited to support the DOE's vision for VPPs to become integral to modern grid solutions." He underscored the benefits that Project IceBrick® will bring not just to commercial real estate but also to electricity consumers broadly, pledging to create numerous job opportunities and diminish the reliance on polluting energy sources.

The DOE’s commitment to finance the project is part of its Title 17 Clean Energy Financing Program, designed to foster innovation in the clean energy sector. However, the loan guarantee is conditional and requires further approvals and environmental assessments before disbursement.

In summary, Nostromo Energy’s project represents a significant step towards achieving California's clean energy goals. By deploying IceBrick® technology across major commercial buildings, Nostromo not only addresses immediate energy challenges but also paves the way for a sustainable future while generating jobs and fostering community development.

For more details about Nostromo and their initiatives, please visit Nostromo Energy.