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Nostromo secures a $9.1 million equity investment by Migdal and Freepoint Commodities

·3-min read

DGAP-News: Nostromo Energy Limited
11.11.2021 / 15:00
The issuer is solely responsible for the content of this announcement.

Nostromo Energy Ltd. (TASE: NOST), provider of sustainable energy storage solutions to commercial and industrial buildings, based on its proprietary IceBrick(TM) technology, announced today a $9.1M equity financing by Migdal Group, one of the largest financial groups in Israel, investing approximately $7M, and another $2M by Freepoint Commodities, a Stamford, CT based commodities and energy trading company and developer of renewable energy projects.

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.

'This investment further strengthens our financial position and, more importantly, creates partnership with two important shareholders with significant value. Migdal is a leading institutional investor, with a clear commitment to clean energy, energy storage, and sustainability in general,' says Yoram Ashrey, CEO of Nostromo. 'Freepoint brings a broad and deep understanding of energy markets, which will be highly valuable to us as we grow in the US market.'

'As renewable sources of power provide more of our electricity needs in the future, there will be an increasing demand for storage systems to balance the power grid. Nostromo's innovative IceBrick is a solution unique in its safety and reliability, and will no doubt be a compelling mechanism to create behind-the-meter power storage in the future. We are highly impressed by the Nostromo team's achievements to date and look forward to working with them in the future to expand commercial adoption of the IceBrick technology.' Said David Messer, CEO of Freepoint Commodities.

About Nostromo Energy

Nostromo accelerates the renewable energy revolution, with its sustainable energy storage solution that enables commercial and industrial buildings to do their part in stopping climate

change by becoming large-scale energy storage assets. Nostromo paves the way to a

carbon free electric grid, while offering a safe, clean and financially beneficial system to

building owners. Nostromo's revolutionary technology, the IceBrick(TM), stores cold energy

during off-peak or surplus solar hours and uses it to power commercial space cooling, which

accounts for approximately 40% of power demand during peak hours.

https://www.nostromo.energy

Contact Details

Lea Berdugo

+972 54-297-3672

lea@reblonde.com

Company Website

https://nostromo.energy/


News Source: News Direct


11.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Nostromo Energy Limited

United States

ISIN:

VGG826421023

EQS News ID:

1248445


 

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