In this Research Note, we examine Nostromo, the Israeli public company developing Behind-the-Meter thermal energy storage solutions for commercial buildings. Founded in 2017, Nostromo Energy is a developer of sustainable energy storage and energy demand management solutions for commercial buildings that use chiller-based air conditioning. The system is based on proprietary IceBrick encapsulated ice cells that allow modular installation. The modular structure of the cells is economical in space and volume, which enables swift installation on roofs, in basements, or along walls. The system “charges” cold energy during hours when electricity demand is low or there is a surplus of renewable energy, and “discharges” the energy during peak consumption hours, relieving the grid from the high air conditioning electricity demands. Source: Nostromo Investor Update, June 2023 Nostromo completed an IPO on the Tel Aviv Stock Exchange in June 2021. In Nov 2021, the business subsequently closed a post-IPO investment of $15.5 million which was intended […]