Nostromo Energy has developed a modular cold energy storage system that operates as a virtual power plant. The company will receive a loan, supported by the US Department of Energy (DoE), for the installation of a 120-building energy storage portfolio in California and other US states.
From pv magazine USA
Nostromo Energy, a cold energy storage developer, has received notice from the DoE’s Loan Programs Office (LPO) to submit an application to proceed with a $189 million loan to fund the deployment of 275 MWh IceBrick storage projects across 120 buildings in California and various states.
The loan guarantee from the DoE would support Nostromo Energy’s energy storage-as-a-service (ESaaS) solutions for the deployment of behind-the-meter, modular cold energy storage projects to commercial and industrial customers.
The invitation to submit a Part II DoE loan application means that the government loan office has determined that Nostromo Energy’s proposed project is innovative, reduces greenhouse gas emissions, and meets technical eligibility requirements under Part I of the application. If approved, the DoE loan will help Nostromo Energy to deploy more than 275 MWh of cold storage dispatch systems over a network of 120 commercial buildings.
Nostromo Energy has retained investment bank Independence Point Securities to source an undisclosed equity raise to fund the deployment of the 120-building portfolio. Its IceBrick systems are managed by its Cirrus cloud-based energy management system and operate as a virtual power plant, which provides demand flexibility to the local power grid.
The cold dispatch storage product provides the lithium-ion equivalent of 8 kWh to 12 kWh of avoided energy. The IceBrick cell has 92% thermal round-trip efficiency over an approximate four-hour dispatch cycle.
To continue reading, please visit our pv magazine USA website.
This post appeared first on PV Magazine.