Ice Energy Storage Solution Rakes in $24 Million in Venture Capital Funding
Ice Energy to undertake energy storage project with Southern California Public Power Authority
Ice Energy, a Windsor, Colorado-based company that specializes in ice air conditioning and energy storage, recently completed a $24 million Round C, receiving venture capital funding from a variety of firms, including Energy Capital Partners, Good Energies, Sail Ventures, Second Avenue Partners, and TIAA-CREF. The funding comes largely in response to an energy storage project that Ice Energy is currently undertaking in partnership with Southern California Public Power Authority.
Ice Energy's emphasis has shifted in recent years; whereas the company formerly marketed itself as an air conditioning company, it now presents itself as an energy storage solution. Ice Energy is a manufacturer of Ice Bear systems that cool buildings by blowing air over melting ice. An Ice Bear system can make ice all night, using energy during off-peak hours, and the ice it generates can keep a building cool for about six hot daytime hours. Such a system can shift up to 40% of energy demand into off-peak hours, making it a viable energy storage solution.
A bill proposed last year in the House of Representatives would offer business owners and consumers a 30% tax credit for installing an ice air conditioner, but the bill has not yet been signed into law.
Ice Energy's current project with Southern California Public Power Authority focuses on marketing the Ice Bear systems to utilities, who have more to gain from energy storage than do commercial building owners.