DOE negotiating US$176M loan with thermal storage company Nostromo

In January, Nostromo said it had been invited to submit an application under the LPO’s Title XVII Innovative Clean Energy Loan Guarantee Program. Getting the loan, said to be worth up to US$189 million at the time, was contingent on Nostromo, which is listed on the Tel Aviv stock exchange, raising a capital contribution.

Yesterday, the company said the LPO had reviewed its application, determining it to be “highly qualified and suitable” for a loan guarantee under the program, inviting Nostromo into the next stage of due diligence and term sheet negotiations.

The loan will be used to fund IceBrick projects at 120 buildings, claimed to represent 100MW/275MWh of energy storage. The installations will be offered to host building owners under energy-as-a-service contracts, whereby Nostromo will own the equipment and solutions, and get paid a regular service fee based on the IceBricks reducing the buildings’ energy costs. Read More