Storage Drop, an Israeli company that develops advanced technology for renewable energy storage, announced on Sunday that it has received approval from the US Department of Energy to use a patented technology that had been funded by the department.
The technology approved for use enables storage of energy in air compressed by water to be used to produce electricity. It was developed by the American National Laboratory Oak Ridge National Laboratory.
Based in Rehovot, Storage Drop’s chairman is former IDF chief of staff Gadi Eisenkot. The company develops technology for renewable energy storage and specializes in innovative storage solutions that bridge the gap between the availability of energy from natural resources and the time that it is used.
Storage Drop was granted exclusive use of the patented US technology, which, it said, will complement the company’s technologies in the field of energy storage and air conditioning. The company intends to operate the first system developed by the National Laboratory and make use of hardware and software funded by the Department of Energy.
Storage Drop is also preparing to operate its HyDrop storage system in the Ashdod Port. HyDrop is used to store compressed air energy for producing electricity in renewable energy installations such as photovoltaic (solar) fields.
“The agreement gives Storage Drop a significant strategic advantage in penetrating global markets and the US in particular,” explained Storage Drop CEO Shai Cohen. “The combination of American and Israeli technologies will enable Storage Drop to be a significant player in the energy storage market for electricity and cold production.”