Axiom Exergy to Install More Than $5 Million Worth of Energy Storage

Posted on Posted in Network Deals

Read the full press release here. A quote from it follows:

“Owners of grocery stores and other cold storage facilities in parts of Brooklyn and Queens can now receive incentives from Con Edison’s Neighborhood Program for installing Axiom Exergy’s thermal energy storage system. The Axiom Exergy Refrigeration Battery stores cooling instead of electricity to help businesses manage their energy usage, reduce demand charges on their electric bills, and prevent food spoilage. Over $5 million dollars worth (between 1.5 and 2 MW) of Refrigeration Battery systems are set to be installed at supermarkets and other businesses in the area covered by Con Edison’s Neighborhood Program, in parts of Brooklyn and Queens. The 1.5-2MW of energy storage set to be installed has the capacity to shift in aggregate of 6-8 MWh of energy. Businesses are eligible for incentives under the Program and Con Edison is working with customers to reduce their energy usage while still having the lighting, heating, cooling and appliances they need to run their homes and businesses.”

Network members MIT Angels, North Bay Angels, Sierra Angels, Shasta Angels invested in a $2.5 round earlier in the year.