April 7, 2022 Waterbury, VT– Nomad Transportable Power Systems (“NOMAD”), a company founded by U.S.-based battery manufacturer KORE Power and Northern Reliability, Inc. (recently acquired by KORE Power) that manufactures and delivers on-demand mobile clean energy solutions, has entered into a financial agreement with RE Royalties Ltd. (“RE Royalties”), a global leader in renewable energy royalty-based financing.
NOMAD, a first mover in the utility, commercial and industrial-scale mobile energy storage sector, was founded to meet demands of the market for a flexible, transportable battery energy storage system. NOMAD sells mobile energy storage systems (“Units”) and provides energy storage as a service. The Units combine high energy density lithium-ion battery cells installed in a fully enclosed, climate-controlled trailer chassis with a proprietary docking system that delivers a plug-and-play mobile energy storage solution. NOMAD Units are megawatt-scale energy storage systems that can be easily relocated to serve multiple locations for seasonal, intermittent (outages), or temporary use (capital deferral).
NOMAD units are available in three different capacities:
• 2 MWh NOMAD Traveler • 1.3 MWh NOMAD Voyager • 660 kWh NOMAD Rover
The Units have a wide range of use cases including power back-up, emergency response, peak demand management and seasonal load mitigation.
RE Royalties has provided an initial five-year, $5.6 million senior secured working capital loan, with the ability to expand the agreement. The Loan will enable NOMAD to manufacture units including the NOMAD Traveler and NOMAD Voyager. The units will be sold to utilities, and commercial and industrial customers.
“This transaction offers RE Royalties an excellent opportunity to further expand our position in the battery storage market and demonstrates the demand for our innovative royalty financing solution,” said Bernard Tan, CEO of the RE Royalties. “We are pleased to work with NOMAD to scale their battery systems’ deployment, and we look forward to exploring new opportunities with them in the future.”
“Partnering with RE Royalties allows NOMAD to scale up our operations, grow our fleet and expand our market presence,” said Chris McKay, General Manager of NOMAD. “We are offering our customers a flexible, reliable, and safe energy storage solution that is highly transportable to meet their needs in real-time. We are excited to be working with a like-minded company to grow this market.”
