Tuesday, June 26, 2018

Ice Energy Adds $40M For Thermal Energy Storage

Costa Mesa-based Ice Energy, which develops thermal energy storage systems which work in conjunction with commercial and industrial air conditioning units to help provide distributed energy storage, has raised $40M in a new funding round, the company said on Tuesday. The funding came from private equity investor Argo Infrastructure Partners. Ice Energy was founded in 2003, and is led by CEO Mike Hopkins. Ice Energy's technology is being used by utilities to manage peak power demand, using the storage of ice to help shift power loads to the evening--rather than during the heat of the day. That ice is used for air conditioning during the hottest times of the day, without impacting the power grid. In addition to the load shifting, Ice Energy's systems also put less stress on power grids, transformers, and long distance transmission lines--all of which see significant stress during hot times of the day and heat waves.