Ice Energy, a developer of utility-scale distributed energy resource and storage technologies, has completed a $33 million second round financing. Led by Energy Capital Partners, the investment also provides for up to $150 million in additional project capital for the deployment of multiple utility-scale energy storage projects utilizing Ice Energy technology, the company said in a release.
Ice Energy’s ice-based energy storage technology is designed to be installed directly on commercial buildings to shift as much as 40% of peak energy demand to off-peak hours. In the aggregate, this represents a significant new asset-based, sustainable energy resource equivalent to hundreds of megawatts for utilities.
"Until now, utilities have had limited options available to generate or purchase additional electricity or reduce load when demand for power is highest," said Pete Labbat, partner of Energy Capital Partners. "Ice Energy represents a new distributed energy resource that fundamentally changes that situation. Their energy storage technology provides a scalable, reliable solution to utilities for leveling the load on the grid, controlling costs, and transitioning to a cleaner, smarter, more sustainable power grid."
The development of energy storage is widely recognized as a key requirement for improving grid efficiency, maximizing the value of intermittent wind and solar generation, and meeting rising peak electrical demand. Ice Energy’s distributed energy storage solution enables utility companies to use cleaner, less expensive off-peak power to produce and store energy for use during subsequent periods of peak demand at thousands of sites throughout a service area, effectively lowering peak demand and the cost of serving it.
Energy Capital Partners (ECP) manages a $2.25 billion private equity fund focused on North American energy infrastructure and power generation, including natural gas, hydroelectric and renewable energy, as well as electrical transmission and distribution assets. ECP’s commitment to Ice Energy will support the immediate expansion of its development and manufacturing capacity to enable the large-scale deployment of the company’s energy storage technology.
In addition to ECP, original Ice Energy investor Second Avenue Partners increased their investment in the Series B round.
About Ice Energy
Ice Energy is clean energy technology company focused on developing utility-scale distributed energy resource and storage technologies. The company’s solutions address the increasing demand for clean energy by shifting the largest component of residential and commercial electricity usage–air conditioning–from peak to off-peak periods, when energy generation is cleaner, less expensive and more abundant. The company’s utility scale, demand-side distributed energy storage technology provides a scalable, reliable solution to utilities for leveling peak energy demand, controlling costs, and transitioning to a cleaner, smarter, more sustainable power grid.
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