Ice Energy benefits from $24m financing

18 Oct 2010

Ice Energy, a provider of smart grid-enabled distributed energy storage solutions to the electric utility industry in the US, has announced the completion of a $24m series C financing.

Ice Energy has announced the first closing of its Series C financing, which is expected to provide the firm with working and growth capital to support its deployment of utility-scale distributed energy storage projects throughout the US and Canada.

Rapid expansion

“This latest investment gives us considerable resources to further develop our technology platform, explore new products, and rapidly expand our solution across a much wider set of customers,” said Frank Ramirez, CEO of Ice Energy.

Ice Energy’s distributed energy storage solution enables utility companies to use more efficient, less expensive off-peak power to produce and store energy for use during periods of peak demand – enabling the delivery of reliable, competitively priced electric service to their customers in a sustainable, environmentally-sensitive manner, according to the company.

The Windsor, Colorado-based firm is working on a 53-megawatt project with the southern Californian Public Power Authority – the largest of its kind in the industry.