Nostromo, an Israel-based cold-energy storage technology developer backed corporates Shell, Taavura Group and Menora Mivtachim, has raised $13.6m through a merger with Tel Aviv Stock Exchange-listed distribution and monetisation software producer Somoto.
Founded in 2017, Nostromo has developed a cold energy storage system which utilises electricity to cool modular thermal ice cells when energy demand is low and discharges a cooling effect when consumption is high.
The company has positioned its technology for use in large buildings with a high demand for air conditioning, such as offices, hotels, shopping centres, factories and data centres.
Mayo Shattuck III, chairman of energy utility Exelon, provided $500,000 of funding for Nostromo in February 2021. The website of oil and gas producer Shell, which has established research and development projects with the company, lists it as a portfolio company.
Nostromo’s other investors include road haulage and logistics provider Taavura Group, insurance firm Menora Mivtachim and private investors Judith and Kobi Richter.
Yaron Ben Nun, founder, chief technology officer and president of Nostromo, said: “Nostromo’s transition from a private to a public company is an important milestone that will allow us to accelerate our market penetration and pursue widespread implementation of our technology.”