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The U.S. Department of Energy invited Nostromo to apply for a loan guarantee of $176 million for the installation of its thermal energy storage solution in 120 facilities.
Nostromo Energy is in the process of securing a guaranteed loan to install its IceBrick distributed thermal energy storage system in 120 commercial and industrial spaces. The U.S. Department of Energy (DOE) loan programs office is conducting the due diligence and term sheet negotiations process to assess the qualifications of the project and, if granted, will provide Nostromo with $176 million under the Title 17 Clean Energy Loan Guarantee Program.
"We are excited to move to the next phase in the loan guarantee process. If approved, it will significantly accelerate commercial deployment of the IceBrick technology, which addresses a critical need for safe, efficient, large-scale energy storage solution for the existing building stock,” said Yoram Ashery, CEO of Nostromo Energy.
The IceBrick system is operated by a virtual power plant (VPP), which is a cloud-based platform that enables rapid grid integration and ease of management for Nostromo. Installation of the IceBrick across 120 buildings will cut an estimated 40,000 tons of carbon emissions per year, as well as minimizing energy cost per facility.
Once completed, the IceBrick systems will have an energy storage capacity of 100/275 MW/MwH, allowing for renewable integration and power grid resilience. Nostromo will finance and maintain the IceBrick fleet through energy storage-as-a-service — a service model in which the host-facility pays a service fee based on the cost of energy savings.
Initial IceBrick systems were installed in June at the Beverly Hilton and Waldorf Astoria hotels in Beverly Hills. These commercial spaces will be provided with cooling energy at a fraction of previous costs, cutting the expense by more than half. Additionally, both hotels will have indirect carbon emissions reduced by 150-200 metric tons per year.
"This important milestone is also very timely, as we are seeing growing interest in the program following implementation of our first U.S. system and the upcoming opening of the IceBrick Innovation Center, in Beverly Hills," said Ashery.