Nostromo Energy Ltd. (TASE: NOST), an Israel-based provider of sustainable energy storage solutions to commercial and industrial buildings, based on its proprietary IceBrick™ technology, raised $9.1M in equity financing.
The round was by Migdal Group, investing approximately $7M, and Freepoint Commodities, a Stamford, CT based commodities and energy trading company and developer of renewable energy projects, investing $2M.
The investment was in the form of a private issuance of ordinary shares at a price per share of $10.8, including non-tradable 30-months’ warrants to invest an additional $6.4M ($5.0M by Migdal and $1.4M by Freepoint) at a price per share of $15.1, representing a 40% premium on the transaction price. Completion of the investment depends on the approval by the Tel-Aviv Stock Exchange for listing the issued shares for trade.
The proceeds of this investment will be used by Nostromo to expand its business operations in the US market, as well as expand its R&D, software, engineering, project management, production, Q&A, regulatory and US sales and marketing organization.
Led by Yoram Ashrey, CEO, Nostromo offers a clean energy storage solution, the Nostromo IceBrick™, to store energy during off-peak or surplus solar hours and use it for cooling during peak hours, and can be deployed at scale.