Storage Drop: Merge with Medivi and enter the Tel Aviv Stock Exchange – the capital market

Green energy company StorageDrop enters the Tel Aviv Stock Exchange, through a merger with

Medivi
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From the field of cannabis. According to the memorandum of understanding signed between the parties, the shareholders of Storage Drop will hold up to 75% of the full dilution of the share capital of Medivi, which has so far focused on the production of medical cannabis products. The skeleton will raise NIS 17.5 million as a condition of suspension.

In addition, at the time of signing, Storage Drop will receive a loan of NIS 500,000 from the skeleton Medivi. According to the agreement, if the green energy company so desires (or in short: this is what will probably happen), the company will be declared insolvent and the existing activity will be transferred to a trustee who will work to rehabilitate the company’s existing activity and, if necessary, sell its existing activities and assets. Skeletal commitments.

The company’s systems are in the development stages andOn According to its forecasts, it will start selling systems in Israel during 2022. The company employs about 14 employees and service providers in the company’s offices in Netanya and in Rehovot.

According to a report by research firm LUX, in 2019 the annual revenue of the energy storage systems market for the global electricity grid was about $ 9.1 billion, and it is expected to continue to grow at an annual growth rate (CAGR) of 17%, up to about $ 111.8 billion in 2035

Shai Cohen, CEO of Storage Drop: “Today, the prices of electricity production from renewable sources are significantly lower than the cost of electricity production from fossil sources. At the same time, the real-time energy production capacity must be the same as actual consumption. “Most of the competitors produce batteries. The company’s storage technologies will help deal with changes in energy consumption, and will enable the postponement of investments in the electricity grid, mediation between small producers and the electricity company, as well as high control and renewal through renewable energy storage and release as needed.”

Storage Drop focuses on developing advanced technologies for storing green energy. The company is developing two separate energy storage systems for different purposes: the first, a compressed air storage system for generating electricity in renewable energy facilities, ie photovoltaic (solar) fields; And the second, a thermal storage system for supplying cooling and air conditioning to buildings in the business and private sectors. The first system is designed to store air at hours when the demand for electricity is low by compressing it into a tank, and converting the compressed air into electrical energy as needed. The system will be adapted to provide energy with competitive storage in kilowatt hours per hour compared to competing systems.