Ice Energy Closes $24 Million To Help Power Companies Beat The Heat, Efficiently

Ice Energy, a Windsor, Colorado company, closed a $24 million series C investment to help electric utilities shift peak energy demands in the buildings they power to off-peak during hot weather. Investors in the round included TIAA-CREF?s Global Social and Community Investing Department, Good Energies, Energy Capital Partners, Sail Ventures and Second Avenue Partners.

The way Ice Energy's technology works, at a basic level, is something like an icebox on a rooftop. During off-peak hours, the Ice Energy system makes ice (the regular, cold and watery kind) using available electricity to do so. Hopefully, some of that energy comes from intermittently available, clean, renewable sources like wind or solar. Throughout peak hours, the ice cools the building in lieu of traditional air conditioning which would further strain the power systems.

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