$189 M Loan Guarantee from U.S. DOE to Deploy Energy Storage Systems

Nostromo Energy Reaches Key Application Milestone for $189 Million Loan Guarantee from the U.S. DOE to Deploy 275 MWh of Distributed Energy Storage Systems.

If approved, the project would enable rapid deployment of Nostromo’s novel large-scale ice-based energy storage systems for up to 120 buildings in California and other U.S. states.

Nostromo Energy, Inc., provider of the IceBrick® system, a breakthrough energy storage solution to decarbonize commercial and industrial (C&I) buildings and the power grid, today announced that it has been invited by the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) to submit a Part II application for a loan guarantee under the Title XVII Innovative Clean Energy Loan Guarantee Program. The proposed $189 million loan guarantee from the DOE would support Nostromo’s “energy storage-as-a-service” (ESaaS) offering, designed to accelerate the deployment of its large-scale, behind-the-meter, modular and highly-efficient cold energy storage technology. The invitation to submit a Part II application means that the LPO determined, based on information submitted, that Nostromo’s proposed project employs innovative technology, is expected to reduce greenhouse gas emissions and meets the applicable Part I technical eligibility requirements. Read more