The Beverly Hilton and The Waldorf Astoria Beverly Hills Hotels Select Nostromo to Significantly Reduce Carbon Emissions

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Jun 14, 2023, 10:00 ET

The Nostromo IceBrick^® energy storage system will reduce energy costs and greenhouse gas emissions and help the hotels achieve their aggressive climate goals

BEVERLY HILLS, Calif., June 14, 2023 /PRNewswire/ -- The Beverly Hilton and the Waldorf Astoria Beverly Hills, two of California's most iconic luxury hotels and champions for the environment, together with Nostromo Energy (TASE: NOST), provider of breakthrough energy storage solutions for commercial buildings, announced today the launch of Nostromo's sustainable energy storage system serving the two adjacent hotels. The system is designed to reduce greenhouse gas emissions and enable the hotels to reach their sustainability goals while saving on energy costs. This project with hotel ownership and leading real-estate asset management groups Alagem Capital Group and Cain International marks the first hospitality industry partnership using Nostromo's innovative technology.

During peak hours, air conditioning in commercial and industrial buildings accounts for approximately half of California's energy demands. Fortunately, these buildings have the potential to reduce their demand from the electric grid during peak times by installing energy storage solutions. Energy storage not only lowers the building's energy costs and carbon emissions, but also enables more EV charging capacity, and provides resilience during extreme weather. By charging the storage systems with clean energy and using it when the grid-power is fossil-based, buildings are able to reduce the grid's reliance on fossil fuels and drastically cut carbon emissions.

"We are proud to partner with Nostromo to bring cutting-edge green technology to The Beverly Hilton," said David Ecija, General Manager of The Beverly Hilton. "This partnership is an extension of our history as forward-thinking property, focused on the future and what is good for our community."

The 1.4 megawatt-hour energy storage system installed inside The Beverly Hilton, and also serving the adjacent Waldorf Astoria Beverly Hills, will supply energy for cooling at less than 50% of its current cost and reduce CO₂ emissions by 150-200 metric tons annually, or more than 5,000 metric tons for the life of the system. The IceBrick system will charge using power from the grid at times when renewable energy levels are high, to freeze water into ice, then use the ice in the late afternoon and evening, when power demand reaches its highest levels, to provide energy for cooling instead of using fossil-based energy from the grid in the late afternoon.

"We are thrilled that ownership of leading brand hotels such as The Beverly Hilton and Waldorf Astoria Beverly Hills are adopting Nostromo's energy storage technology, demonstrating how buildings can play significant role in integrating renewables and improving resilience of the grid in California and nationwide, while cutting their energy costs," said Yoram Ashery, CEO of Nostromo. "We look forward to partnering with more like-minded ownership and management of commercial buildings, in the hospitality realm and other sectors."

"As owner of leading hospitality properties including the Waldorf Astoria Beverly Hills, Alagem Capital Group has always been committed to incorporating the most advanced and innovative technologies to make our properties role models for sustainability," said David Alagem, Vice President, Lifestyle, Branding and Technology of Alagem Capital Group. "We are thrilled to be the first in the United States to install the Nostromo's ice energy storage technology, which we believe opens new opportunities for building owners to take leadership roles in advancing new ways to manage energy demand. This is a significant step towards achieving our goal of creating a more sustainable future for generations to come."

"We are excited to announce our partnership with Nostromo and their innovative Icebrick technology, a water-based energy storage solution. This innovative technology and partnership are the first of its kind in the US, and will enable us to reduce our carbon footprint while also saving on our energy bills," said Larry Green, Managing Director at Cain International."Together, we're building a sustainable future with cost-effective and flexible energy storage solutions that benefit building owners, the grid, and the environment. With this partnership, One Beverly Hills further confirms our investment in a sustainable future and commitment to being the benchmark for environmental sustainability by bringing together multiple technologies to aggressively lower emissions and energy consumption. "

About Nostromo

Nostromo Energy's ice-based energy storage solution is redefining energy storage for commercial and industrial buildings, helping them become sustainable energy storage assets, and reduce energy costs and carbon emissions. The Nostromo IceBrick^Ⓡ system uses ice to store energy when electricity prices are low and renewable energy is abundant, and discharge the energy to avoid purchasing electricity that is 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 a safe, clean and financially beneficial system to building owners. The IceBrick^Ⓡ is non-flammable, modular and compact, easily retrofitted to existing commercial and industrial buildings. To learn more about Nostromo, visit www.nostromo.energy.

About Alagem Capital Group

Alagem Capital Group is a holding company based in Beverly Hills, California established to pursue various investment opportunities. Alagem Capital Group is led by Beny Alagem, who serves as its Chairman and Chief Executive Officer. Mr. Alagem is an entrepreneur whose business activities have spanned a nearly four-decade career in such diverse industries as computers, telecommunications, technology, and real estate. Alagem Capital Group's current investment focus is in the real estate and hospitality industries.

About The Beverly Hilton

Opened in 1955 by distinguished hotelier Conrad Hilton, The Beverly Hilton, a Forbes Four-Star hotel, is owned by the Los Angeles-based, Oasis West Realty, LLC and managed by Hilton Worldwide (NYSE: HLT). Nestled at the crossroads of the iconic Wilshire and Santa Monica Boulevards, the hotel combines the excitement of Hollywood with the prestige of Beverly Hills. In 2020, The Beverly Hilton completed a transformative, multi-million dollar renovation encompassing all guest rooms, suites, and public spaces, ushering in a reimagined and contemporary look. With more than 60,000 square feet of indoor and open-air event space, The Beverly Hilton boasts the most technologically advanced meeting space of its kind in the country. The hotel's renowned International Ballroom plays host to glamorous annual events including the Golden Globe Awards Show, Oscar Nominee Luncheon, Pre-GRAMMYs Gala, and the Milken Institute's Global Conference. For more information, please visit www.beverlyhilton.com or call 310.274.7777.

Media Contacts:
Chaya Zabihi
GK for Nostromo
[email protected]

Veronica Werhane, Account Director
The Brandman Agency for The Beverly Hilton
[email protected]

SOURCE Nostromo