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Nostromo Energy Secures $305 Million Conditional Commitment from US Department of Energy to Cut Climate Impact and Costs of Cooling in Large California Buildings

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Nostromo will use funds to deploy its IceBrick® thermal energy storage systems in 193 commercial buildings across California

IRVINE, Calif., Dec. 9, 2024 /PRNewswire/ — Nostromo Energy, provider of the IceBrick® system, a virtual power plant (VPP)-enabled thermal energy storage solution for commercial and industrial buildings, announced today that it has received a conditional commitment for a loan guarantee of up to $305.5 million from the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO). The proposed financing would be used by Nostromo for Project IceBrick® – the first, wide-scale deployment of Nostromo’s technology to reduce costs, emissions, and grid strain related to electricity for commercial cooling.

If finalized, the loan will finance the deployment of IceBrick® installations at up to 193 commercial buildings and facilities across California. Nostromo will also target installing at least 20% of these projects in disadvantaged communities, further improving the reliability of local systems. Project IceBrick® has the potential to create more than 200 jobs, including over 170 peak construction jobs. Over the 5-year construction period, the project will also create more than 874 annual job equivalents, including hiring installation contractors from disadvantaged communities when possible.

The project could also enable the state’s bulk power system to avoid up to 500,000 tonnes of CO2 emissions over its lifetime by installing a potential equivalent of 170 MW (450 MWh) of behind-the-meter, or on-site, storage capacity in buildings – while making power more reliable and affordable.

Seventy-four percent of all electricity in the US is consumed by buildings, with approximately half used to maintain thermal conditions, representing the largest load on both buildings and the power grid. California is the second-largest total energy consumer by state in the US and has set a target of being a 60% clean energy grid by 2030 and 100% by 2045.

Nostromo’s IceBrick® ice-based thermal energy storage (TES) technology reduces costs, emissions, and grid-congestion associated with the largest energy use in large commercial buildings-HVAC. The IceBrick® systems charge when electricity is cheap and clean (when renewables are available) and discharge later for use when power is both expensive and polluting. The IceBrick storage cells are 100% US-made from recycled or recyclable materials. All IceBrick® systems are centrally managed for grid-integration as a virtual power plant (VPP). They are compatible for new buildings or retrofitting on properties including hotels, offices, data centers, and hospitals. Host building owners can install IceBrick® systems without any capital or other upfront costs under Nostromo’s “Energy Storage-as-a-Service” (ESaaS) program.

Project IceBrick® is the third VPP project that the LPO has announced and the first to use TES. The potential for VPPs to alleviate grid load is significant as peak hours air conditioning accounts for approximately 50% of US electricity load during those hours. VPPs are aggregations of electrified, grid-connected devices, including grid interactive efficient buildings. They reduce utilities’ reliance on natural gas peaker plants and the strain on transmission and distribution infrastructure by intelligently time-shifting cooling loads to shave electricity demand from times of peak usage, when electricity is most carbon-intensive. As a VPP, Project IceBrick supports a higher rate of grid asset utilization, further tempering cost increases for Californians, who face some of the highest electricity bills in the nation.

“We’re excited to help fulfill the vision of the DOE and LPO to make VPPs a key resource of the modern grid by serving up to 20% of its peak loads and making power more secure, affordable and clean,” said Yoram Ashery, CEO of Nostromo Energy. “This project will benefit not only commercial buildings, but also electricity consumers in general, create hundreds of good paying domestic jobs, and reduce emissions from gas peaker plants which mostly impact disadvantaged communities around them.”

The loan guarantee for Project IceBrick would be issued under the Title 17 Clean Energy Financing Program, of the Energy Policy Act of 2005. Financing for the first Project IceBrick will be provided, subject to the outstanding required approval, by the DOE guaranteed loan of up to $305.5 million (inclusive of $1.85 million of capitalized interest), and in addition project equity, for which a term sheet has been executed with a private equity management firm, and investment tax credits (ITC). Nostromo has recently completed the sale of the ITC earned on its first IceBrick® system. In conjunction with Project IceBrick, Independence Point Securities is the exclusive financial advisor to Nostromo Energy.

This conditional commitment indicates DOE’s intent to finance the project, however, DOE must complete an environmental review, and the company must satisfy certain technical, legal, environmental, commercial, and financial conditions before the Department can decide whether to enter into definitive financing documents and fund the loan guarantee.

For more information, review the DOE’s announcement blog.

About Nostromo Energy

Nostromo Energy’s ice-based energy storage solution is redefining energy storage for commercial and industrial buildings, enabling them to become sustainable energy storage assets and reduce their energy costs and carbon emissions. Nostromo’s IceBrick® system uses ice to store energy when electricity prices are low and renewable energy is abundant, and later discharge the energy to avoid purchasing electricity that is both carbon-intensive and expensive. In this way, Nostromo helps accelerate the renewable revolution and paves the way to a carbon-free electric grid, while offering building owners a safe, clean, and financially beneficial energy storage solution. The IceBrick® is non-flammable, modular, and compact, easily retrofitted to existing commercial and industrial buildings. To learn more about Nostromo and the IceBrick® technology, visit www.nostromo.energy.

Nostromo Energy’s IceBrick® System

Nostromo’s IceBrick system is composed of thermal storage cells that are modular and compact, allowing for installation in a variety of building types as well as various locations within a building, such as in a basement or on a roof. It operates by using regular electricity to freeze a water-based solution during the hours when the grid’s electricity supply is at its most abundant and clean. The stored energy in the frozen IceBricks is then used to help power the building’s cooling system during hours of peak demand, reducing the need to rely on power from the grid at these times, which are the most expensive and when the grid faces highest demand and produces electricity from the most carbon-intensive and polluting sources. Nostromo’s VPP software can control operation and performance of IceBrick systems either as standalone systems or in concert as a VPP. The IceBrick storage cells are manufactured entirely in the US, from partially recycled and 100% recyclable materials.

Contact:
Rebecca Ash
rebecca@gova10.com 

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SOURCE Nostromo

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OMODA 4 Officially Rolls Off the Production Line: OMODA&JAECOO Sets Its Sights on a New Global Million-Unit Target

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KUALA LUMPUR, Malaysia and WUHU, China, April 27, 2026 /PRNewswire/ — On April 26, 2026, OMODA&JAECOO hosted the grand “From Million To Annual Million Launch Event and OMODA 4 Roll-off Ceremony”. As the flagship model for the brand’s Globalization 2.0 strategy, the official start of mass production for the OMODA 4 not only marks a milestone in the brand’s three-year journey to 1 million cumulative sales but also represents the launch of the core product powering the brand’s sprint to its 2027 sales target of annual million units. This event aligns with the Chery International Business Summit (IBS), together mapping a new blueprint for the brand’s global growth.

As a flagship model for the youth market and global layout, OMODA 4 precisely targets the “Cyber LOHAS tribe”. Grounded in deep insights into the consumption habits and lifestyles of young consumers, OMODA 4 adopts “Cyber Mecha”as its core positioning, building core product competitiveness in hyper-function, hyper-intelligence, and hyper-energy, serving as a key lever for the brand to capture the global youth market.

Hyper-Functional Design: CYBER MECHA Aesthetics Forge an Exclusive Visual Identity

OMODA 4 breaks away from conventional design logic with its class-exclusive Cyber Mecha supercar styling, forging a futuristic visual identity. The Cyber Lightning Headlights mimic the transient form of a lightning strike, using sharp lines and high-contrast light strips to create a highly recognizable design signature. The mecha-inspired light-flow body borrows from the structural elements of mecha armor, using sharp edges and geometric facets to generate 3D light and shadow effects beyond classic streamlined styling.

The interior features a starship-themed cockpit with a wraparound layout for an immersive mecha-command experience. Paired with a Lamborghini-style F1 supercar flip-start button, every departure is imbued with a sense of ceremony. Meanwhile, the model achieves the optimal drag coefficient within its stylistic class, balancing design with aerodynamic performance. A diverse palette of body colors caters to the individualized tastes of young users, making OMODA 4 a “mobile social card” for self-expression.

Ultra-Smart Features: A Class Benchmark Delivering a Warm Tech Experience

In terms of intelligent features, OMODA 4 leverages class-leading hardware and software capabilities to deliver a smart experience that integrates technology with a human touch, upgrading from “easy to use” to “intuitive”. Equipped with best-in-class hardware, it has 16 ADAS driver-assist features for easy driving and parking, greatly lowering driving barrier to driving and making every journey safer and more convenient.

The AI powered super voice assistant, built on a large language model, will soon be available in the vehicle. In the future, this technology is expected to support diverse function such as voice cloning and mood-based music recommendations, with the aim of accurately sensing the user’s emotional needs and delivering a personalized interactive experience. Additionally, features such as a 13.2-inch ultra-clear central screen, a 540° panoramic image, and 50W wireless charging and other features enrich smart car scenarios, fully addressing the tech demands of today’s youth.

High-Energy Ecosystem: An All-Scenario Setup Tailored to a Diverse Youth Lifestyle

To match young users’digital–physical lifestyle, OMODA 4 builds the best-in-class hyper-energy trendy ecosystem, redefining car scenarios and value as a connector of passion and life. As a mobile esports cockpit, the in-car system comes pre-loaded with over 20 casual and competitive games, supports wireless gamepad connection, turning waiting time into fun gaming moments anytime, anywhere. Building on this, OMODA 4 further expands the boundaries of in-car scenarios, creating a full-scene ecosystem that encompasses pet-friendly features, karaoke, camping, and multimedia entertainment. It is designed to fully accommodate the diverse lifestyle needs of young users and carry all their passions.

OMODA 4 will also launch an Ultra version, which offers class-exclusive factory performance modifications to deliver an exhilarating “supercar-like” experience for driving enthusiasts. The professional sports kit fully optimizes aerodynamics and body stance, boosting visual impact and high-speed stability. A launch control function unleashes peak torque at start for thrilling pushback, the tuned exclusive sports sound ignites drivers’ hearing on every acceleration. Professional sport tuning extends to the suspension, steering, and power response, resulting in more precise and sharper handling overall.

The official mass production rollout of the OMODA 4 represents a critical step in the execution of OMODA & JAECOO’s “New Million Strategy” and is a key component of the brand’s Globalization 2.0 blueprint. With strong tech heritage and a global innovation system, OMODA&JAECOO takes the OMODA 4 as its core model, paired with smart tech like the AiMOGA robot Mornine, to precisely target the global youth market. This shows the brand’s deep understanding of young users and strong R&D capabilities, as well as its commitment and breakthroughs in smart technology. Moving forward, the market launch of the OMODA 4 will further strengthen the brand’s position in the youth market and drive its premium and youthful evolution on the global stage.

About OMODA&JAECOO

In 2025, Chery Group, the parent company of OMODA&JAECOO, ranked 233rd in the Fortune Global 500, achieving the fastest ascent among global automakers, and maintained its position as China’s top passenger vehicle exporter for 23 consecutive years. OMODA & JAECOO takes “Co-Create A Beautiful Life With Young People” as its brand vision, while OMODA focuses on building “The World’s Leading Crossover Brand”, JAECOO adheres to the philosophy of “From Classic Beyond Classic” and is committed to building Global Elegant Off-Road Brand”, and building differentiated competitiveness through dual routes. By 2025, the OMODA & JAECOO brand has expanded into 64 markets worldwide, covering Europe, Asia, Australia, Africa, Latin America, the Middle East, and more,demonstrating strong global growth momentum, especially in the European market, becoming the fastest growing car brand in Europe and even the world. In the field of new energy vehicles, OMODA&JAECOO relies on the world’s leading SHS technology, with Super High Power, Super Low Efficiency, Super Long Combined Range,while providing efficient new energy solutions for global users, but also steadily advancing towards the objective of becoming the “The World’s Number One Hybrid Brand”. Notably, beyond its continuous breakthroughs in the core automotive sector, OMODA & JAECOO has extended its technological innovation into the field of intelligent technologies. The robot, jointly developed with the AiMOGA team, has entered real public service scenarios and made its official debut at the Asian Youth Para Games,representing a landmark practice in automakers’ intelligent transformation and further expanding the brand’s value boundaries.

In Malaysia, OMODA & JAECOO currently offers models including J5, J7, J7 PHEV, J8, C9 and C9PHEV, and will continue to introduce more new models that meet local market demand. Under the same group, OMODA & JAECOO has 3 sister brands in Malaysia – Chery, iCAUR and Lepas.

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SOURCE OMODA & JAECOO

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Broadridge Transforming Financial Literacy in Ireland Through AI-Powered Communication

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Helping Irish savers better understand investment products, Broadridge is developing innovative language simplification technology

DUBLIN, April 27, 2026 /PRNewswire/ — Broadridge Financial Solutions, Inc (NYSE: BR) today announced plans to support groundbreaking work in financial literacy in Ireland. Supported by IDA Ireland, the project will enable Broadridge to explore how artificial intelligence can be used to simplify the language in financial disclosures and make investment products more accessible to Irish retail investors.

“Ireland is a leading international centre for innovation in financial technology,” said Denis Curran, Head of International Financial Services, Emerging Business and Engineering & Green Economy at IDA Ireland. “We are delighted to support Broadridge in its mission to enhance financial literacy through the power of artificial intelligence. I wish the team at Broadridge every success with this innovative project.”

This collaboration addresses a critical challenge facing Ireland’s financial services sector. While Ireland hosts over €5 trillion in fund assets and is Europe’s ETF powerhouse, retail investor participation remains low. Research shows that dense, jargon-heavy disclosures create a significant barrier, with only 18% of EU citizens demonstrating high financial literacy according to the European Commission’s 2023 Eurobarometer Survey.

“This partnership with IDA Ireland positions Broadridge at the centre of a national initiative to leverage technology to make sophisticated investment products genuinely accessible to retail investors,” said Stephen Johnston, Senior Country Officer, Ireland, at Broadridge. “We’ve analysed investment disclosures from the 50 largest UK asset managers and found that nearly half were written at an academic level that would be difficult for most retail investors to understand. Across Europe, around €14 trillion sits in household savings accounts. At a time when purchasing power is eroding due to inflation, too many of these savers lack clarity and confidence in how best to realise their investment potential. By applying AI to create plain-language communications while maintaining regulatory compliance and accuracy, we can measurably boost engagement and help move Irish savers from deposit accounts into long-term investments that can support their financial futures.”

Broadridge’s research project will investigate how AI-driven plain-English communications can transform complex fund documentation into clear and simple information that empowers everyday Irish savers to make informed investment decisions. The initiative aligns with both the European Commission’s Financial Literacy Strategy and regulatory efforts such as the UK FCA’s Consumer Composite Investment framework to deliver simplified, user-friendly disclosures.

Broadridge’s Dublin team supports clients across Ireland’s financial services community, delivering a broad range of technology and operational solutions. With dedicated Dublin-based regulatory expertise, the team partners with leading global asset managers and fund administrators to navigate complex requirements, including PRIIPs, MiFID, Solvency II and the evolving UK–EU regulatory landscape.

Results from the study will be shared with industry stakeholders and regulators to inform best practices.

About Broadridge

Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Our technology and operations platforms process and generate over 7 billion communications annually and underpin the daily average trading of over $15 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 15,000 associates in 21 countries.

For more information about us, please visit www.broadridge.com

Broadridge Contacts:

Investors:
broadridgeir@broadridge.com

Media:
Gregg.Rosenberg@broadridge.com

 

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SOURCE Broadridge Financial Solutions, Inc.

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Fabpad Surpasses 12-Month Projections in 90 Days, Delivers 300% Growth Following Seed Round

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Achieves rapid scale within a quarter of funding—while keeping most capital undeployed—highlighting strong demand, repeat usage, and a scalable multi-channel model

HYDERABAD, India, April 27, 2026 /PRNewswire/ — Fabpad, India’s fast-growing menstrual hygiene brand, has achieved its 12-month post-seed projections within just three months of closing its funding round in December 2025. The company also reported a 300% year-on-year growth for FY 2025–26.

Fabpad has reached this milestone within the first quarter post funding, with a significant portion of the raised capital still undeployed, pointing to strong underlying demand and disciplined execution.

The company is now planning to raise its Pre-Series A round to support its next phase of growth, with a focus on expanding access and scaling operations across markets.

Fabpad’s product portfolio—including reusable period panties, cloth pads, biodegradable disposables, and intimate hygiene solutions-—is designed to serve both individual consumers and larger-scale use cases.

Fabpad operates as a direct-to-consumer (D2C) brand in India, where it has built strong user engagement through product performance and repeat usage. Alongside this, the company has scaled across multiple demand channels and markets, enabling it to grow rapidly without relying on a single growth engine.

The company’s growth has been driven by a combination of:

Strong repeat behaviour and customer retentionConsistent product performance across use casesExpansion across geographies

Commenting on the milestone, Dipesh Dhelia, CEO, Fabpad, said, “What stands out to us is not just the speed of growth, but how efficiently it has come together. We’ve been able to hit our projected numbers early while still keeping most of our capital undeployed. That’s a strong signal that we have built a strong scalable model.”

Commenting on product adoption, Shripriya Khaitan Dhelia, Co-Founder, Fabpad, said, “Our focus has always been on solving for real, everyday use. This isn’t a one-time purchase decision—it’s something customers evaluate every single month. That’s where trust gets built. If the product performs consistently, it earns credibility over time, and that’s what ultimately drives repeat usage and growth.”

About Fabpad

Fabpad is a personal hygiene brand founded by Shripriya Dhelia, focused on building high-performance, affordable, and sustainable hygiene solutions for modern consumers. The company has developed a diversified business model, combining its direct-to-consumer (D2C) presence in India with institutional partnerships, export markets, and B2B distribution channels, enabling it to scale across both individual and large-scale use cases.

Fabpad’s product portfolio spans reusable period panties, cloth pads, biodegradable disposables, and intimate hygiene products, designed to deliver consistent performance while addressing cost efficiency and environmental impact. Built with a strong focus on product quality, repeat usage, and real-world functionality, the brand has gained traction across multiple markets and customer segments.

Fabpad is building a capital-efficient hygiene platform designed to scale across markets, channels, and use cases—without compromising on performance or accessibility.

Website: https://fabpad.in/

Photo: https://mma.prnewswire.com/media/2966131/Shripriya_Dipesh_Fabpad.jpg

 

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